Borrowing against your property for RENOVATIONs ?

I have a question please, regarding on whether I can purchase JUST the property itsle fin Cash, and then Borrow against the House .... The costs to Renovate the property. And then when the Renovations are complete, do a Cash-Out refi. at a LTV of 80% of the ARV?/

Example:

If I purchase JUST the property ( $40,000 ) all in ash , could I then borrow " Against " the property , the $30,000 - $35,000 ) that would be needed for the renovation work ? Then once the renovations are done, you Do a Cash-Out refi. at a LTV of 80% of the ARV of the property ..... Use the Cash from the refi. to then again purchase a property for the $35,000 - $40,000 range , borrow the amount needed for the renovations against the roperty, cash-out refi, once the renovations are done at a LTV of 80% based on the ARV of the property..... Wash, rinse, repeat ?

Thanks much