New investor in the Cleveland market, seeking lending advice!

[Cory Starkey]

I’m an avid listener and follower of Bigger Pockets, and want to tap the forums for some advice! I’m a new real estate investor in the Cleveland area and have a couple general and area specific lending questions.

1. Are investors in Cleveland having success doing cash out refinances following a cash purchase of a single family rental property? If so, is a 70% LTV a fair expectation?
2. What do banks use to determine house value for a cash out refinance? While I know some lenders will use appraisal value, I’ve heard others will use purchase price plus renovation cost, or a valuation based on the income the rental generates.
3. Is a 6-month period after purchase a fair expectation to be able to refinance? I’ve heard it could be as little as 3-months.
4. What is the minimal loan amount or condition of the property if I do decide to use a mortgage to purchase the house?
5. If any investors know any lenders that you would be willing to refer me to, that would also be greatly appreciated.

Thank you in advance!