Could I leverage against a new purchase?

[Andrew Bowden]

Hello BP, I have a strategy that I wish to ask members that I'm unsure about. First, I'm having a hard time getting funded given many circumstances (Lack of funds, income, etc, etc). I know that I can get into this real estate biz, I am confident and determined even faced with my negative circumstances. So my strategy is this.. Say I bought a new low purchase rehab, Cash (house is a decade old but has mold and in a bad location). The appraisal comes in high even though the house isn't worth it. I purchase it for a very low price. So say that I get that deal done. I don't do anything to or with the house (let it sit for time being). In the meanwhile gaining credibility. Can I then instantly turn around and barrow against the equity in that new purchase to buy other properties? Can anyone who has experience or has tried this strategy tell me what snags I may end up facing? Also as a reference, my plans are to fix and flip. Thanks, Andrew