Seller Financing and Cash out Refi's

[Zack Broaddus]

So, I've just finished reading Brandon Turner's book on investing with little and no money down, and I have learned a ridiculous amount about financing.  That said, I still have tons of questions, but one specifically.  Let's say that I have found a great deal and I am able to purchase a house that needs just a little bit of work with owner financing and a small downpayment.  I'm getting the deal at about 60% of what it is appraised at, and I feel that with a little bit of work, the appraisal will shoot up quite a bit.  Would I be able to then do a cash out refi on that home for 78% of its appraised value, or would I only be able to pull 78% of the equity that I have in the property that the seller is financing?