Can I buy a property, and cash out refi at the 6 month mark to buy another?

[Caleb Scott]

if you buy a property for 60k, you put about 12k down, and the value does not increase, but you get a tenant, and wait 6 months until you have about 15k equity, in theory, could I get a cash out refinance and pull my money back out to have it keep on moving? I got rid of my apartment and all my expenses so I could save from my 2 jobs. Now I need to find a way to get that money working for me, so I can cover the cost of living for myself, so I am free to go full time with my creative business, and will have a safety net incase it ever stops producing. I am a 3 safety net kind of guy and my goal is to avoid having to work a job for money. All the multifamily that come up for the FHA house hacking strategy in my area seem to still leave me paying about what i would for an apartment after putting a tenant in one unit and living in the other, and its a small area so they do not surface too often, especially good deals. I very much appreciate the insight as I continue to learn and strategize. Just wanted to ask the pros if there is any potential realism to this idea.

[Alex Bekeza]

@Steve Vaughan & @Caleb Scott We're known for doing cash out on BRRRRs using the new appraised value as early as 90 days (no need to wait 6-12 months for most banks or the GSEs).  Your problem here though will be loan amount.  Most lenders have a minimum on investments of $100k.  Ours is only $75k but we need the house to appraise for at least $100k.