Bought duplex with HELOC, now can't refi for 6 months....

[Jeff Jansen]

I finally bought my first rental property! A duplex here in my hometown. I currently have a fully paid for personal s/f home that we live in and used a HELOC to purchase the duplex. The cost was $115,000 and my HELOC is up to $125,000 if needed. I was told by both realtor and mortgage broker that as soon as I purchased property I could turn around and cash out refi right away. Turns out this is not the case at all, there is a 6 month seasoning on all purchased rental properties I guess here in Michigan. I did HELOC so I could make a "cash" offer and get property right away. My question is, do I wait the 6 months and refi then? Or do I cash out refi on my paid for personal home that I live in?