Is it hard to get a Cash out refinance on duplex investment

[Doreen Hall]

Hi! We Have an accepted offer on a duplex that we would like to purchase and renovate. I have a HELOC on another property that we can use to buy that property outright. My mortgage broker tells me that it can be hard to get cash out mortgages these days on investment properties. So I am hesitant to pay cash and tie up all my money- when I could just start with a mortgage and refinance for cash out at new arv in 6 months.

Any advice on getting cash out mortgages? We have great credit and good income on W-2 as well as income from another rental property.

Thanks!!