Brrrr Working on the 3rd "R" - Refinance Help!

[Brien OConnor]

We bought our first SFR last year (a 2-1,1930s craftsman style) and have had it rented to outstanding tenants for over a year. We paid $77K for it. Put 20% down and then spent about $38K rehabbing it. Our total mortgage payment is $540/month (tax/insurance) and receive $900 rent. APR is @4.25 fixed.

We then bought a 1940s SFR (3-2) for $93K and again put 20% down and spent close to $40K making it a nice house. Our monthly note is $630 and rent is $1150. There is a garage apartment with this house and we are rehabbing it right now. The cost will be @$25K and rent will be $750/month. APR is @4.5 30 year fixed.

So as you can see, they're cash flowing nicely.  We probably put too much into improving the properties but I prefer to have a safe house to rent and one that can attract a better tenant, and so far we're 2 for 2.  

QUESTION - I need some advice on how to get our money out of these houses.  Since they're with two different mortgage companies, I would assume I need a lender who would pay those off and provide me funding to get my money back at least on the rehab portion.  I believe that's the THIRD R - "refinance".  The second tenant will be in the house for year in February.  From what I've read, banks want to see at least one year of steady rent payments.  If that's the case, then I guess I can only look to have the first house refinanced.  Is that correct?  OR should I wait until next year and do both at the same time.

Advice and suggestions are greatly welcomed.