Cash Out Refinance for Buy and Holds

[Brandon Smeltzer]

Ok, I'm really hoping someone can help me here. I've read about how to execute a cash out refinance, and I've learn about this many, many times. Essentially, you purchase a property for less than 80% of it's appraised/speculated/compared value and then refinance to get your cash back out. However, the hang up here is that this type of deal is the financial unicorn of real estate. How does someone find these properties if they're not paying cash, paying a wholesaler, sending out 1000's of direct marketing letters at a 1% success rate, standing every morning in front of the courthouse for an auctioned house? I don't plan on spending all of my time doing this or buying 20 houses a year. It always seems like investors talk about these kinds of deals like this exist, but then in reality the forums are full of unsuccessful attempts because the bank will never accept the appraised value, only the purchased value when it's time to refinance and the seasoning period has passed. Is there any way to hedge against this happening? Do houses ever appear on the MLS at 80% of their estimated price, so I can actually utilize the knowledge and time of my realtor? I apologize for seeming so confused, but I've spent the last 3 years studying buy and hold real estate and when it finally comes time to invest, it seems improbable. Thanks in advance!!