Cash out refinancing timing for duplex

[Maggie Jones]

Hi All!

I apologize if this has been addressed before and would be thrilled if someone could point me in the right direction.

We just completed a $100k+ remodel of the rental side of a duplex in Los Angeles (we live in the other side).  We'd like to do a cash out refi and move on to the next project but have a question about the timing.  As context, we'll be putting this on the market as a short-term rental and it may take a few months to build up rents. 

1. Can we pull the trigger now, without penalty from lenders that we haven't shown income
2. Should we wait until we're pulling in close to the max rents we expect?
3. Would it be better to wait until we've been earning close to max rent for several months, to show solid, reliable income?

Many thanks for any insight you can provide!

[Upen Patel]

@Maggie Jones Don't do the cash-out refi. It will be done as an owner occupied and that will lock you out of the next owner occupied purchase for 12 months.

It has to be done as an investment cash-out refi.