How practical is it to buy a wholesale cash, reapir and rent?

[Victor I.]

Hi Everyone,

I'm trying to get my first deal done and I'm wondering how practical it would be to buy a wholesaled property, get a mortgage by using the house as collateral (I can add more cash if necessary for the down-payment), fixing it, cash-out refinancing and then renting it out? Or should it be sold thereafter? 

Has anyone done this? This method has been gaining more appeal to me and I was wondering if anyone can share their experience with me so that I can gain a better insight into this.

Thanks!