Seasoning requirements for buying conventional cash out/refinance

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Hey guys,

I am looking at buying a Condo and have a question on refinance after the initial purchase. What is the seasoning requirements for a conventional loan. My plan is to purchase conventional then do a cash out refi because it is undervalued (also it is a short sale) Everyone think this is a good deal? When can i get my refi cash out? should be about $20,000 ?

The numbers 

-Based on 4 other comps within the same building complex all the same bed/bath & square footage that have sold from 70,000-80,000 within the last 3-6 months

Asking Price- 55,000

Purchase Price- 50,000 

Market Value- 70,000

Water,sewer,gas,garbage- included in HOA & electric paid by tenant

Total operating expenses:          $457.67	Mortgage expenses:     $185.25
Vacancy:	$40.00	Repairs:	$40.00
CapEx:	$40.00	HOA:	$176.00
Insurance:	$60.00	P&I:	$185.25
Property Taxes:	$91.67	Misc:	$10.00

Monthly Income: $800.00	Monthly Expenses: $642.91	Monthly Cashflow: $157.09	Pro Forma Cap Rate: 8.22%
NOI: $4,108.00	Total Cash Needed: $10,000.00	Cash on Cash ROI: 18.85%	Purchase Cap Rate: 8.22%