Question about portfolio lending to normal 30yr refi.

[Account Closed]

There are alot of what-ifs and other things that need to happen for me to do this first, but I wanted to field this question to some experts to get thoughts on whether it even makes sense to begin with.  

My potential strategy - 

Get one or two of my existing properties paid off completely, then work with a lender to get a line of credit against them.  ( I heard this in one of the podcasts) 

Then use that line of credit to acquire other properties with "cash."  After the properties are fixed up and rented, refinance them to a normal 30yr loan and pay off most of the commercial line of credit.  

The advantage I'm trying to put together by doing this is to force the price of the property a bit lower by bringing cash, then in the refi process hopefully have the property appraised at a higher value than I purchased it for, thereby enabling me to avoid having to put down 25% and tying up the money.  

This would mean a higher mortgage payment but since less of my capital is tied up, then I would be a bit more liquid.  

The line of credit could then be paid down with income from my day job supplemented by the additional rental income.  

Thanks ahead of time to anyone posting any responses.