Cash-out refi/HELOC question right after cash purchase

[Faizul Islam]

I am a wholesaler. I have a property (in good neighborhood) that I have under contract for 40k. The as-is on-market value is about 100k and ARV is about 160K-170k. It is currently rented with long term renters that pay 750/month (under market by 100 for property condition) plus utilities. I want to buy it for cash myself and either do a cash-out refi or get a HELOC on it. I want to do this right away after I purchase this. What are my options to use built in money to get more money out than I just paid for it. I understand that Fannie will make me wait 6 months before I can do this if I want to take money out from equity.