Looking at my first deal

[Bob Hutton]

Love this site and all the knowledge in one place. I am new to real estate investing and looking at my fist deal. It is a 1300 sf condo in a five plex. It needs about $12000 in work and they are asking $24000. The current market value according to the county property appraiser $36,700. It's in a neighborhood of conjoined properties, most look pretty well taken care of. He claims people will pay $1000 in rent, I'm thinking more around $850 to be safe. The guy who owns it is a property appraiser and investor. He appraises it at $60,000 arv. My question is. If I have $36,000 cash in to the property, can I do a cash out refinance on this amount? The reason being is I don't have $36,000 laying around and would get funding from where ever I could find it.