Cash out refinancing on first investment property

[Andrea Dees]

I’m a first time investor and just began diving into research and educating myself on all of this. I purchased a home in July of 2020 for $20,000 cash and put about $50,000 in repairs into the property with the intention of flipping it. After it was listed for a few weeks I had an offer and we went under contract. My buyer got cold feet and backed out a week before closing. My real estate agent seems to have lost interest in marketing my property as well. It has been on the market for almost three months at this point. I staged the home before listing so Ive decided to furnish it more completely to rent out on Airbnb. I plan on listing it as a short term rental on Airbnb within the next week. 

Since joining bigger pockets I've learned a lot and am very interested in the BRRRR method. How long would I have to rent out this property to qualify for a cash out refinance? I have no mortgage on the property so I have 100% equity. I have about $30,000 in the bank but my business income took a huge hit last year due to Covid. I am still bringing in about $2,000-3,000/month income as an independent contractor (which I can comfortably live on and even save a little) but I'm afraid when they look at my decline in revenue since covid I won't qualify for a loan. I would like to cash out on the equity in the home to buy another property to fix and rent or possibly flip. Any advice or guidance is greatly appreciated! I live in Ohio and have began searching for a mortgage broker with experience in this area in my state.