Refinancing a live in Rehab - How it works? Refinance & pull out$

[John McAllister]

If I buy a house, rehab, and move in, and then after 6 months I can refinance correct?

1. So if I bought for 215K, put 20k in, and get it appraised for say 275K.......

2. I would at that time get a new loan for 275K? and pull out 30K of equity in order to do 1031 into a new investment property?

Am I thinking this through properly? Is that how it works?

I am trying to understand this process. 

Thanks for the feedback