Seller Financing to Traditional Financing

[Peter LeRoy]

Hey BP,

I am about to close on my first rental property just outside of Boston through seller financing for 18 months. My question: When we refinance through a traditional mortgage lender, can we do a cashout refi right away if the home appraised for more than the purchase price, or does the new mortgage have to season before we can even consider a cashout? 

Appreciate the feedback!