Possible Cash Out Refinancing??

[Helen M Leyzerovich]

Hey guys - 

Newbie here! Thinking to put an offer on a property. The cost is low enough where I can purchase it all cash and that's the requirement in purchasing this single family home. The home is in rough shape but in a very developing neighborhood. Current tenant has section 8 and is paying very good rent. I'd like to keep this property as a rental, and leave it and the tenant as is for time being. 

However, I don't want to have my cash tied up. Is it possible to put a mortgage on this property once I own it? Would this be considered a cash out refinancing? 

Thanks very much for any suggestions!