Can I do a cash out refinance in less than a year of owning?

[Erika Wilson]

I just purchased my 1st investment property in May 2016. It's a 2 flat multifamily and I'm currently renovating the basement to make a 3 unit. My question is, how long do I have to wait to do a cash out refi on this property? I'm itching to get back out there and make another purchase but I have been told that I must own the property for a year before I can complete the cash out refi... is that true because the info I've come across says otherwise?