Cash out and then delayed financing

[Jessie Xu]

I probably should hire a CPA for these questions. But before I spend days to search one, maybe I can get a quick answer here.

Here's my case:

1. I cash-out refinanced my investment property A and got $100k.
2. I also have $200k in my saving account, so I purchased investment property B with $300k in cash.

At this stage, AFAIK, the interest of the mortgage on A is deductible because it's used to purchase B. Now, I don't really want to keep the cash in B, I want to get it out. If I do a cash-out refinance on B within 90 days, it would be treated as delayed financing (with some limitations). The cash I get will NOT be used for the next purchase or improvements of my properties. My question is:

• Is the interest of the mortgage on B deductible?
• If I get more than $200k out from the delayed financing, can I still claim the $100k from A was used for the purchase of B and thus deduct the interest on A?