Cash out refinance on a investment property

[Matt Perdue]

I have two questions. I'm new to bigger pockets and it looks like people here can help. I'm going to purchase a investment property for 40k the tax assessment value is 130k. It needs minor work. Should I purchase all cash and put a mortgage on it after the repairs or get a mortgage on it do the repairs and cash out then. If so how long do I have to wait to do a cash out refi? I'm want to pull the equity out of this property to fund another. Hope this makes sense.