how often or soon after closing do you cash out refinance?

[Ryan Arth]

1.if you buy rentals at a bit of a discount, and there is equity in it when you get it, how long do you wait from purchase before you refi to take the money (to buy other properties)

2.rule of thumb how long in between standard cash out refinances, 5 yrs, 7yrs, play it by ear?