No seasoning cash-out refi for low-value BRRRR in MO

[Chris Parker]

I bought a single family house in Missouri for $30k cash. A month and $10k later it is worth ~$85k and rented out for $800/mo. I would like to tap that equity ASAP, then refinance into 30 year conventional after the 6 month seasoning period. 

Fannie rules for the delayed financing exception limit me to the initial $30k out during the initial 6 months. This is a small enough loan that I doubt I can find conventional financing, even though it'd be <50% LTV and cashflowing.

I have several deals on my plate with similar numbers, and expect to find myself in a similar situation repeatedly. What sort of product / lender should I look for here? 

(My credit is 760. I have a low DTI and high AGI.)

[Andrew Postell]

@Chris Parker you don't have to wait 6 months to refinance this property. I wrote an entire post on how you should structure a deal like this.  It sounds like you already know the limitations so just skip to the 3rd section which is the solution step and that will tell you what you need to do - no waiting.  You can find the article HERE

Let me know if you have any questions.  Thanks!