"Rate and Term Refinancing" with Cash buy

[Qwesi McCray]

I'm looking for creative exit strategies for buying properties cash.

This is what I understand. Please correct me if I'm wrong. 

When purchasing a turn key property cash at a discount I could cash out refi after seasoning (3-12 months).

But let's say I didn't want to cash out. Just simply get my money back.

I could then Rate and Term Refi, right? Are there any closing costs with that? Is there a limit to how many rate and term refis someone can do? Does this work for SFR, multi and commercial properties?

Any help would be greatly appreciated. If you know any lenders or mortgage brokers I should contact of this let me know as well. Thanks in advance.