Need advise on a loan!

[Ali Samana]

I am getting out of the Navy in a few months, so I am finally able to buy a house for my wife and I. I found a house that is appraised in 150s (the average in Corpus is 140s) that the seller is willing to sell me for 80k net. It needs about 12500 worth of work. I was planning on buying this house for myself, but I wanted to know if I could cash out the equity in this market. I had a mortgage broker tell me that there is a new law that the title has to be in your name for 12 months, does anyone know of any other ways to get the equity out?