Assistance with trying to refinance first rental property

[Jory Sturdevant]

Thank you very much for looking at this and possibly helping out. I recently purchased a rental property (duplex) as my first property. As many do, I made quite a few mistakes and probably over rehabbed the property. I just finished getting the second side rented and I am now looking to refinance. I used a majority of my savings on the property renovations and was planning on using the refinance money to help me out during grad school (started last week). I have emailed multiple different banks and credit unions in my area and I am being told that I am only able to potentially able to get 70% LTV for a cash-out refinance. I am being told that this is a "rule" that is done at most banks in Northern Illinois. I am worried after learning more that I might not be even able to refinance as I am not currently working due to grad school. Does anyone have any ideas or tips on getting the "ideal" 75% LTV cash-out? Anything that I should be doing differently or a different route I should look at. Again, this money is to help me quite a bit over the next few years of school.

Purchase price: 64500

Estimated value: 125-130k

Rent 925 and 975

Property manager 9%

The current loan amount is 53K

Thank you again very much if you are able to help out