Cash buy --> Rent out --> Refinance?
In another thread I asked about workarounds to being unable to get a mortgage. One person suggested that I could refinance after buying a place with cash and renting it out, the idea being that having occupants paying at least enough to cover a monthly loan payment and expenses would make a loan feasible.
I have two questions: Is this a good idea? If so, how long after getting tenants in the place would I be able to refinance?
Also, I'm curious, what route do most people go if they can't get a mortgage? People talk about creative financing, but what kind of creative financing is most popular? I'm not a wheeler dealer kind of person. I like things simple. Which is why cash buy/refinancing appeals to me.
Grateful for thoughts on any or all of these questions.