What type of financing should I be looking for?

[Ben Lauer]

My basic strategy is to find rehab properties to fix up, rent them and then refinance them into a note to get our money back out and hold onto them while using the same cash to buy more properties.  

I have about 150k to use, the plan was to buy the properties cash, rehab and appraise into a Fannie Mae loan, the big problem there is that we'll need to hold them for 6 months before they'll allow us to reappraise at a higher value.  

Is there any way to cut down this wait time without paying lots of closing and origination costs?  

Ideally I'd like to try to do 4-5 next year, if I'm waiting the 6 months I'll be able to do maybe 2.  

Thoughts?  Ideas?  Anything you can give me to work on is greatly appreciated!