Personal Residence Refinance Question

[Chris Bluem]

I have a mortgage question on my personal residence. It is currently a duplex that I am almost done renovating both units. I have been living at the property for 6 months. My plan is to split the deed into 2 separate townhomes.

I would like to cash out refi both units as investments with 20% equity (or less if possible). Do I need the units to be rented before I can refinance? Or can I refinance and then rent / AirBNB them? Thanks