BRRR: challenge in finding a lender to refi without seasoning

[Iman Yu]

All, 

Lately, I've been looking into deals in Houston that I can use BRRRR strategy on.

Has anyone done this and what's your experience on it?

I've only done a straight forward buy & hold rental property with conventionally financing so this is a new challenge for me. 

I think my biggest issue is not knowing how to refi and get 75% of appraised value back as cash?!

Does that ever work for anyone? From what I read, it looks like people are either having to 

1) rent it out first and wait for 6 months to refi (this is to qualify for the required minimum seasoning period for most lenders) 

2) refi right after rehabbing the property but only get 75% of purchase price + rehab cost back

What's everyone's input on this subject?