Refinancing on a home

[Bryan Pham]

Good Evening BP,

I have several questions regarding refinancing. I am looking to purchase a home with a down payment less than 20% let's say 10-15% taking on a PMI. Are there are rules regarding refinancing on the property with a PMI in the first month to pull out 70% of the ARV to be used on another investment property? I am not too familiar with the process and was wondering if someone can clear things up for me.