Should I refinance on a property before rehab is complete?

[Rob Bianco]

So I have a duplex property where I have 100% equity and I'd like to cash-out refinance but I was hoping to rehab the units first before approaching a lender. The units aren't in bad shape at all (they look very ordinary), but as tenants move out, I've been ripping out the carpet, putting in some modest upgrades, and making them nicer and raising rents.

However, I inherited these tenants on the property who have no desire to leave even with rent increases. I also have no desire to kick them out, but in this instance would it be prudent to hold off on the refinancing? I don't like having 100% equity in the property because it prevents me from putting those funds to work, but I also don't want to get a lot less money than I can from the lender on the value of the home.

Any opinion welcome