Help with deal structure

[Jon Joro]

I am in talks with a seller and currently structuring a deal that looks like this.

Purchase Price  $900K - Valuation based on income is 900K

Structure:

$600K from lender + seller carry $300K at 6% interest only for 2 years

My question is can I refinance after 2 years and cash out the seller? Or not because the the refi loan would be at the same valuation of $900K which would be about the same $600K as first loan.

i would have to purchase below $900k to cash seller out? hope that makes sense