Hello I'm curious if this strategy is theoretically possible to expand super fast wealth as below:For example, I buy a rental property for $70,000 in cash and then immediately did a cash-out refinance to get $56,000 in cash (I know usually it takes 3-6 months season to cashout refi, but as long as one lender is able to do refinance it) I then use $24,000 of the $56,000 I borrow as a 20% down payment to buy a $120,000 rental property.

I am a long time Bigger Pockets fan and a first time forum "poster" from Winnipeg, Canada.

I’ve seen some stuff online that suggests I might assume the previous owners depreciation schedule (which would be bad because they’ve owned it a long time).

I plan to keep it long term.

This could give you a better idea of what it could rent for or how long it might take.

Other options include regular loans with a 20% down payment or getting a long-term roommate.

Note, of course, that this opinion is coming from a place of the very limited information you supplied in your original post but on the face of it living for $1500/mo in a decent neighborhood seems decent to me.That said, I would encourage you to look at this more long term.

I didn't mention them because it would take a long reply so we might as well discuss that when you call.

With long term rental, we coulnt cover mortgage at all, with short term rental, there was possibility to cover mortgage ans sometimes it did. 

inspections can be uber frustrating in older homes..I know when we build new construction buyers have inspections and there is always a laundry list.its their job.you can refuse and move on.. its not common by the time the folks go into contract and spend money on inpsections and apprsials and such they usually will move forward if you address major issues.you can always put in your counter offer you will only address major issues any thing that is only for the benefit of long term ware and tear your not dealing with.. kind of set expectations up front.