Getting FHA loan and then refinancing after rehab

[Chris Talley]

So I’m looking to buy my first deal, at the moment I don’t have the capital to pay cash for a $60k property, I have been looking at getting an FHA loan, doing the rehab, putting a renter In place, and hopefully be able to refinance with a traditional 30 yr mortgage, I have the cash set aside for a $15k-$20k rehab, so my main thing is does this make sense to do? Refinancing and paying off that FHA loan as well as pulling all my cash back out from the rehab and hopefully more, does this work this way or is there some rules or regulations on this specific kind of thing that would prevent me from doing this?