Cash Deal for Cash Flow. Cash Out?

[Scott H.]

I'm looking at an incredibly cheap 2-family ($16,000) that actually has month to month tenants (~$1k gross/mo). The numbers could be very appealing no matter what "rules" you apply.

There has to be a reason it's a screaming deal, and I've not yet seen it; however, analyzing this deal brings me to an interesting question were I to pursue it.

Say I buy the property for cash, disregard any actual numbers; let's assume I have "normal" tenancy (10% vacancy) in the time leading up to the bank transaction. Let's also say I want to hold the prop in an LLC.

-How soon could I get any cash out (line of credit or refi)?
-On what value will they base any line of credit or refi?

Thanks and BP (not British Petroleum) is awesome,
Scott