Just sharing my experience with my first ever cash out property.  I have been posting questions on BP since i bought this property in December of 2017 and finally finished it in Sept 2018 and did the cash out. With the cash out, i immediately bought a foreclosure and just put it under contract with a cash buyer for a quick turn around and profit. Story, numbers and pics below.

Purchase Price: 25,100
Closing Costs:1300
Repairs:21,000
Holding costs:2000

Appraisal : 98,000
Cashout: $74800

The terms on the cash out are not so favorable, but my exit strategy is to sell this house in 5 years. I got an ARM 5/1. Interest rate is 6.6%. Fixed rate 5 years and then market rate per year after that. 20year amortization. This is a SFR with 1300 sqft. it also has a separate apt that is nearly 600sqft. Its more like a guest house but each property has its own address, they are just on the same deed. Both houses combined will rent for around $1400/month (850 big house/550 small house). My mortgage payment is $770 so that'll leave me with a positive cash flow of over $600/month before expenses.

Immediately after i did my cash out, i went to courthouse steps. I intended to do a repeat to do another BRRRR, but a buyer approached me, and really wanted the property i had just purchased. I put in under contract for sale one week after i bought it from the trustee. All cash purchase which we should close in the next two weeks. It's a nice quick turn around with a nice profit without me having to really lift a finger other than to go purchase prop from trustee. Pic below of house.