Delayed Financing Question on All-Cash Purchase

[Will Proulx]

Hi guys, 

I'm reading a lot of different stuff on delayed financing and am wondering what the deal is with a delayed financing option for an all-cash, (no lender used, just personal cash) purchase of a property. 

-I've read something about how you can only pull out exactly what you put in? (Random theoretical ease-of-use numbers here) Does this mean that If I bought a property for 50k all cash and it's all mine, I can't pull out say 65k if it is appraised for 100k (using 65% LTV obviously) once renovations are done?

-Basically I'm just wondering first if I can even do a "cash-out REFINANCE" on a property that is not going to be financed at all, simply purchased outright with cash. And if I can, could I potentially get my money back that I used to buy the property AND THEN SOME assuming I can generate enough forced appreciation with renovations? Or is this simply a strategy used to pull back the same amount initially put into the property? 

Thanks in advance for your help,

-Will