Cash-Out Refi vs. Delayed Financing: Can't decide!

[Daniel Smith]

I can't decide whether it's worth it to immediately do a Delayed Financing cash-out upon completion of rehab, or whether to wait 6 months and do a regular, cash-out refi. If I'm reading the eligibility matrix correctly (what a document! oy), the LTV's available for both products are the same. That is, 75% LTV for a SFR, investment property.

However... 

Delayed Financing Pros: can get house appraised before tenant moves in

Delayed Financing Cons: cash-out amount is limited to initial purchase price + fees

Am I missing anything? Theoretically, it seems that if the house was a really good purchase and the rehab was done well, it might make sense to wait 6 months for a regular refi, because the ARV is going to be higher than the initial purchase price + fees.

What would you do?