Need some financing suggestions/help

[Alan Salgado]

I'm waiting to close on a rental property I won at auction. I'm not interested in financing the initial purchase for several reasons: Cost of financing - appraisal, closing costs, etc. and the ability to 'cash out' at market value vs purchase price.

If I close with cash, I'm told I can't refinance or cash out at FMV for the first 12 months as during that period, financing still refers to the purchase price.

Apparently another option to get around the 12 month constraint is to show improvements made that increase the value. It's a very clean and well kept property and the only improvements I would make for a rental are maybe heat pump replacement & bathroom remodels.

I'm not sure if that would be enough. Any alternatives?