Refi into LLC

[Account Closed]

If I buy a property as a primary residence with 5% down that is 30% below market value, then later down the road convert it to my first rental property, is it possible to do a cash out refi into the LLC leaving about 20% equity in the property.

House has market value of $100k. Purchase and rehab total $70k which is financed with 5% of the $70k down. I want to convert this to a rental property. Is it possible to refi into the LLC with $10k cash out leaving $20k in equity in the property?

I guess what I'm asking is when I refi into the LLC, can the leftover equity in the property after the refi count as the 20% the banks require on investor loans?

I'm ignoring refi and closing costs here in this example.