Seller Finance - Can I ReFi Cash Out?

[Adam Bradley]

I'm making an offer on a SFR that needs a lot of rehab. I'm estimating $30,000 for rehab.

ARV is $90,000

My total investment must be $70,000 (or below).

Seller Finance offer: $30,000 @ 3% APR for 15 years with $1600 down

I do not have $30,000 for the rehab but I can borrow it short-term, like for one year.

Is there a way for me to cash out refinance with a bank (to repay the $30,000 rehab loan) after the rehab is complete 6 months after the initial purchase or does seller finance basically mean that I must either 1. buy a property that is rent-ready, or 2. have cash on hand for any rehab necessary?

Thanks a lot for your input.