Writing and selling your own note vs. cash out refinance

[Patrick Britton]

If buying a property with cash outright, would it not make more sense to write and sell your own note on that property instead of doing a conventional cash out refinance? The market will dictate the rate and terms, but seems like you could get much more money back than 75% of LTV. The interest rate might be higher, but perhaps the reduced expenses will offset some of that increase, or?