Delayed financing, then cash out refi soon after?

[Jeff Kelly]

Let's say someone pays cash for a property and then gets delayed financing for 70% or 75% of the purchase price soon after purchasing. My question is whether that person could then get a conventional refinance at some point later on for 80% LTV. If someone pays cash and intends to rehab the property, delayed financing can get him most of his cash outlay back. But it can't get all of his purchase price plus rehab costs plus the equity he added, as could be possible in a normal BRRRR refinancing. But could one do a quick delayed finance, get some cash back, rehab the property and add equity, put a renter in, and then refinance to basically get all his cash back? Or is there something about getting Delayed Financing that would prevent the ability to get conventional refinancing soon thereafter? If nothing would prevent that, then is there an amount of time the investor must wait between delayed financing and cash out refinancing? Thanks.