Advice on House Hacking with a Cash-out Refi

[Joe Wall]

I'm looking at doing a cash-out refi and have the draft written up. I've been looking for over 1 year for a side-by-side duplex and really want a place this summer. I ran into one problem. I thought once I bought a property the payments would start. However, if I sign the draft for the cash out refi payments would start in August I'm told. I have no duplexes for sale on the market that I'm interested in right now.

Should I chance it and agree to pay the mortgage without any properties I'm interested in? I'm hoping to buy something this summer and really would like to but not sure if the right property will come on the market. The reason I'm doing cash is due to the competition as there are a lot of investors in my area. Any advice?