Refinance question

[Craig L.]

I'm using cash to purchase a vacant duplex at around 65-70% of market value. I plan on fixing a few things, renting it, and refinancing it with a mortgage to free up the cash again.

For refis, does each lender have a specific appraiser they will want to use? Or can I have the property appraised myself and then shop around for the best refi rates using that appraisal to determine the LTV (I may do an 80% LTV and cash-out the rest)?

Thanks in advance for any advice.