Buying a $39,000 house all was and refinancing

[Brandon Peters]

Hi Guys,

I found a house in Memphis, TN that I'm planning to purchase from a wholesaler. It will be MY FIRST PURCHASE. I would need to buy all cash $39,000, remodel the property for about $20,000, the ARV would be about $80k. I would want to rent the property out, refinance the property, and pull out my cash as fast as possible so I can move on to another project. What would be some potential issues I run into?