Buying a property all cash, with intention to cash out refi

[Patrick Sikorski]

Hi all - wanted to reach out if anyone has had any experience of purchasing small multi families all cash with the intentions to cash out refi immediately after? What are some pros and cons of this strategy? I found an investment property in which the seller mentioned they are more keen on taking a lower offer all cash. I have roughly 30% I can put down and a family member of mine said they can go in on the deal with me to get it across the line. I was thinking once closed to cash out refi and pay back my investor to own the property outright. Somethings I thought about was double closing costs but if purchased below market value will I be able to retain some of the closing costs after refinancing. This would be my first deal so any insights to this strategy or any other ideas would be great!