Refinancing rentals

[Justin Putt]

have heard mixed comments on this. If I were to purchase properties that were to be rented or lease optioned and my original sale price was for example 50k, but the property appraised at 70k at least. How soon could I refinance that property and cash out some of the money, like 15k.

People have told me I have to wait 3 months, some have said 1 year, but then some have told me I can refinance any time I want and cash out.

Is there anyone that can do this? Refinance anytime and cash out?

Thanks!