Buying rental and Refinancing

[Marc Cesar]

Greetings all, I wanted to gain insight on the following scenario. If I'm purchasing a single family that's currently with a 1-year lease (tenant paying 745/mth) and the sales price is 20k ( but at closing, I'm buying for 25k after CC and other fees). Being that I now have 100% equity in the property,

1) would I be able to pull out that equity to repay my lender (if so, what % of that equity can I tap into)

2) would I be able to force the equity with some repairs to the property so that when a refinance company appraise the property, they'd see that value was added and I'd be able to get a better chunk of that equity

All insight are greatly appreciated