My business partner and I are considering purchasing our first multifamily rental in a small rural town in OH. We are working with an owner who purchased the property in 2012 when he retired and came into money. He has since taken over the family business which takes up all of his time, thus gave up management to a family member. Low and behold the family member started a second business and now has no time to run the property either so the seller is willing to part ways with the property.

He purchased the property in 2012 for $600K - putting 50% down - and is now willing to walk away for $370K (the amount of the mortgage balance and the money he has invested). Rents are $550-650 depending on the unit and tenant pays for gas, electric, water/sewer, and trash. The property is all 2BD/1BA town-homes, all brick construction, and the windows/roofs, and parking lot are in fairly good shape.

Our question is for anyone who has purchased all cash before and attempted to refi the property ASAP. I've read a lot saying that lenders typically have a 'seasoning period' of 6 months to a year (which would be fine) but we were curious as to if there is any possibility to refi sooner? The property would most certainly appraise for at least $500-600K given the current financial's, and we we're even conservative on our underwriting ($600 avg rent, 90% occupancy, $4000/unit in expenses, @ 8-8.5% cap). I've heard a few podcasts by investors who used this process and had luck talking to any/all lenders who would listen until they found one willing to refi quickly, and off the appraised value. Just wanted to know if anyone had the same experience or any additional advice?

Thanks!