Cash Out Refinancing a Gifted Home?

[Jonny Dee]

Currently my father owns a property that he is looking to give to my sibling and I (used as a rental). We are looking to cash out refi the home so we can use the money to invest in other ventures (real estate investing, stocks, other businesses). What things are there to consider? Our plan is:

1. 1. transfer property via quitclaim deed
2. 2. clean up property and address minor property issues
3. 3. appraisal/cash out refi
4. 4. hire a property manager to manage the property

I've read of a seasoning period, but is there a way around this? Maybe if we setup an LLC and all three of us have equity/stake in the business?

Also, looking to speak with an estate planning attorney but wanted to square away as much info on my end in the meantime.

Note: we will be handling funds through a separate account and treating it as separate than personal finances.