Financing purchase - cash or refi?

[Douglas Ellis]

Im looking at purchasing a 1200sf 3/1 house that's dated, old appliances, cabinets, bathroom, etc. Roof and HVAC have been replaced. For rental its okay as-is, for resale it would need rehabbing for top dollar. My options are to either get financing at 20% down, or pay cash and do the rehab to get higher appraisal and then finance at after-improved value. Appreciate some input.