Delayed Financing Cash Out

[Laurie Fiegl]

I have been getting conflicting information on delayed financing cash out refi.  Purchasing home for $380,000 and hoping to refinance and pull out $50,000 - $70,000 to complete renovations.  $300,000 of initial purchase will be from an unsecured intra-family loan and the remaining $80,000 from my savings.  Was just told that because the $300,000 was not in my personal account for 3 months prior to the closing that I have to wait 6 months to refinance.  

After closing the  cash transaction we will keep $50,000 with the intra-family loan to take advantage of the lower interest.  The remaining amount will need to be secured with a mortgage lender and hope that the appraisal puts us where we need to be.  We cannot wait 6 months to do this!

What is the best way to structure this so that we also have $50,000 - $70,000 to complete the renovation?  I am thinking the home will appraiser closer to the $400,000 range pre-renovation.

HELP!