When does seasoning peroid start?

[Matt Holmer]

My understanding is if someone was to purchase a property in cash, pay for the rehab out of pocket, and then look to do a cash out refinance into a conventional loan, there is a 6-12 month seasoning period.  When does the clock actually  start? Closing, having the lease start, when?

Also, having an apprasial done prior to the tennant moving in (ie property is still clean) must be a positive. But if you can't refi for 6 months you'll  have to get another ordered by the bank right?

Thanks