Do I have a chance to refinance?

[Jed Maschke]

Last year, I became a real estate investor for the first time. I moved from the Bay Area to Nevada, and since I was going to be renting a home, I decided to convert the house I was living in to rental property. Being my first time, I made a lot of mistakes and learned a lot of hard lessons, and racked up a lot of debt that I put onto credit cards figuring I could pay it off once I got the property to a point where it was flowing cash. Unfortunately, I didn’t think ahead, so after all the renovations were said and done, I had gotten myself $60,000 into debt. I have more than half of that on 0% balance transfers, and figured that I could take a cash-out refi on the house to pay off the debt. I applied for and was rejected for refinances twice (once formally, and was told because I took a $25k loss on the taxes last year my income didn’t meet the requirements, the second time I was told earlier in the process that I didn’t have a chance.) Unfortunately, I also paid for an appraisal before I was rejected (another expensive lesson, though the appraisal came up well). What I’d like to know is if it would be worth it to keep on trying to refinance, or if I’m just screwed until I can file another year of taxes and show that I actually have income. Thanks!