Cash-Out Refi

[Cameron Ellis]

I'm interested in purchasing my first rental property cash, doing the rehab then doing a cash out refi as quickly as possible. I overheard a realtor saying the guidelines are getting very tight on this method, I'm wanting to see if it's still possible to do.

I'm purchasing a home for 13k putting 7k in it, I see the homes in the area are selling for 64k, and my mentor has 2 on the street that appraised for $67,000. I'm just looking to get out what I put in and do it again.