BRRRRing an already rehabbed and rented property

[Guillermo Triana]

Hi BP,

Was brainstorming on how to go about purchasing my first property and stumbled upon a nice duplex recently fully rehabbed and both units rented out going for lets say 100k list price.

So my question is, if I use a hard money lender just for the purchase of the property and turn around and refinance it with a local bank for 70% LTV, are there any foreseeable pitfalls doing something like this. Assuming the ARV is high enough to pay back the hard money lender.