Question about the refinance in the brrrr technique

[Brandon Clark]

Hey BP, 

I just talked to my lender. He told me that I can buy a home, rehab it, rent it, convert into a permanent loan immediately and then move on to the next deal. I won't be able to pull the equity until 12 months. This is shocking because I always thought the brrrr technique meant I had to wait for seasoning before I could move on to the next deal but he's telling me I can move on to the next deal but can't pull the equity right a way. Is this normally how brrrr works?

Thanks in advance 

-Brandon