sub to cash out refinance

[Brad Fithian Jr]

I have been reading all that I can on subject-to deals and I still have yet to find an answer for this question.

Are you able to cash-out refinance a deal that you acquired subject-to?

This deal is a duplex where the rehab of 1 unit needs to be completed and the other unit just minor repairs. Let's say the you acquire the property subject-to, renovate, and cash-out refinance based on the added value of the renovations. Pay off the existing lender and the renovation costs, then proceed with a normal buy and hold strategy renting the units out.

Could this work in theory?

Thanks for the insight!