Refinance a cash purchase? BRRRR and the 5th mortgage,

[Derek Daun]

I'm wrapping up my third BRRR, which puts me at four total mortgages including my primary residence. I'm looking ahead towards property number five, and trying to figure out how that fifth mortgage might work out. Based on what I've read on the forums the two main things that will change are:

1. Any broker using Fannie Mae / Freddie Mac guidelines will have a tougher underwriting process. Some banks won't do the 5th mortgage period, others will likely charge higher interest rates. 
2. I won't be able to do a cash out refinance on any mortgages after I take out the fifth. 

The second bullet point is what I need more clarification on to adjust my business model. Up till now, I've been buying with a conventional mortgage, and later cashing out with a conventional cash out refinance. That won't work based on what I've read, which is fine, I was planning on switching to buying with cash to get better deals anyway. But I need to know if buying with cash will enable me to get a cash out mortgage on that 5th property? Is that type of mortgage different and allowable compared to a cashout refinance on a property originally purchased with a mortgage. If that's not the case, is BRRR only applicable to four properties?