How quickly can I do a cash out refi

[Scott Rist]

Hi BP, I have been searching, reading, and talking to various people about doing a cash out refi after a cash purchase and receiving a wide range of answers.

I primarily do flips, as it doesn't make sense to buy and hold in my area of CA. I am moving early next year to another market to continue flipping and buying and holding. My plan is the BRRR strategy.

My question is, if I buy a property with cash and do my standard rehab and rent it how quickly can I do a cash out refi?  I only have so much capital to work with right now and I don't want to tie the money up for very long.  I have been told that I might need to wait as long as a year to refi.  That won't work for me at this stage.

What if I was to get a private note on the house from a family member (using my funds) and just refinance out of that into a conventional loan?  Any seasoning period with that?   Would there be any issues using a family member?  

Thanks a lot for your thoughts.

Scott