Then, when you refinance it to pull out the cash in six months (loan "seasoning" time required by many lenders before you can refinance), you need the property to appraise for considerably more than the initial purchase price plus what you have into it and you'll pay another set of closing costs.To get a quick idea, calculate: (initial purchase price + rehab costs + purchase closing costs + refi closing costs) / 70%That will tell you for about how much the property must appraise to extract your down payment, rehab costs and both sets of closing costs, leaving none of your own cash in the deal.

I'll have to call him back and try to extract more information from him.

You could refinance your house to extract the equity you've built and then rent it out to turn it into a long-term investment that continues to produce income. 

Investment Info:

Single-family residence buy & hold investment in Dartmouth.

A Semi-Detached 3 bedroom single family home.

What made you interested in investing in this type of deal?
Newly r...

All investment extracted long ago. 

I have some $ sitting in a 403b.I’m being told that I can’t access the $ without filing hardship. I want to use that money for an investment. I still work at organization but contract ends in June. How can I have acce...

Living for free at this duplex gave me the cash for the down payment on the new flip without needing to extract cash from this investment.

Get a long-term loan (12 years fixed) with a supplemental loan feature to extract the value add. 

[citation needed]Coffeyville Resources operates a 100,000 barrels per day refinery and a large nitrogen fertilizer plant, using a unique Texaco process of ammonia extraction from coke byproducts produced in the refinery.

@Anthony Polcyn, if you're trying to extract equity, there are better ways to go about it.