Buying 1st rental for cash but want to reinvest

[Melvin Benzaquen]

I am about to close on my 1st rental home that I am paying cash for. I would like to somehow pull some or most of the value out of the house by some means in order to reinvest for additional properties and to have the down payment. My original intent was to buy, rehab and flip some properties to build up some additional cash before buying rentals but this house came up as a FSBO 3 blocks away in a hot area so I couldn't turn it down.

What is the best way to accomplish this?