How Soon can I cash out Refi???

[Vernon Bond]

Hello Bigger Pockets Fam, 

It's just your neighborhood investor with another question about the "Buy Rehab Rent Refi" strategy. I believe this will be my next strategy to use in my portfolio of investments. I have done quite a bit of research on home refinancing but I am a little confused on how soon one would be able to take cash out of their newly renovated home after its rented.  

For example, if I purchase a home for 50K and put 40K into it, and the home is worth 150K ARV. I would now have 40% equity. I would then rent the property out and refinance. Lets say this whole process takes 3 months, how much will I be able to take out in the refinance ?

I look forward to hearing the feedback!