Cash out refinance on semi primary residence

[Craig Lively]

Ok, I first have to say how thankful I am of BiggerPockets and these forums in particular. Thank you!

Now onto the meaty stuff. I currently own a duplex that is cash flowing like beast. I have roughly $160k in equity. We've been living on one side since August and plan to live here until our new house is done sometime in March/April. The current mortgage rate is 3.75%, so if I were to refinance I could potentially get that rate down around 3%. I would love to take out some equity and potentially do a cash out refi or HELOC.

I understand that most lenders want you to live in the property for 12 months after taking cash out, but how hard and fast is that rule? I'm not going to be using the funds to pay for my new home, yet I will be using it for more investments. Would this be possible or will lenders shoot me down? I would love to hear your ideas/advice or potential other ways to take advantage of the equity. Thanks in advance!