How to refi/cashout

[Adriel Liwag]

Hello all, I'm not sure if this is the right section to post this in but I'm trying to buy my first income property and I could use some advice/suggestions.

Here is the scenario:

I need to pay cash because it's an off market deal and the seller will not accept conventional financing or seller financing. I currently have a flip that rehab will be starting on in the next month or so which my cash needs to go to. So I was hoping I could buy the multi unit and refi immediately to pull my cash out in time for the rehab. But I was told that the lenders I was referred to wont allow that as the property I am buying will be hard to appraise because there are no comps for it.

The property is a triplex. It has SFR in the back and a duplex in the front. Although that set up is common in the neighborhood there are no recent sold comps to support it within .5 miles. I've found comps that are about 2 miles away though. I'm being told the soonest I may be able to refi is 12 months and 1 day from the time of purchase.

I'm nervous because I really want this deal and I cant think of much other options. I've already pretty much exhausted my recourses with my other flip. 

I could possibly get the property for $85k, but that's the amount I need for my rehab.

Any help or suggestions is greatly appreciated.

Adriel