BRRRR Question on house with Existing Mortgage

[Ted Miller]

I am getting started on this Real Estate journey and I have two friends/investors working with me. We found a property that is either a duplex/triplex (the post is a bit unclear) where one of my friends plans to live for roughly a year (house hack). The plan will be to rehab the property (financed by the other friend/investor), rent out the other unit/units, then do a cash out refinance. 

Because of the cost of the property, we won't be able to buy it cash, so we will need to get a loan on the property (most likely a mortgage). I did speak to a portfolio lender that said its possible to refinance at 75% the value of the house but needed to wait the 6 month seasoning period. We would need to do this to pay back the friend that funded the rehab and hopefully get back some of the down payment. 

My question is, does anyone have experience in a similar circumstance; having a traditional mortgage, rehabing, then quickly doing a cash-out refinance?

I was trying to do the BRRRR method but the initial cost of the property is the tricky part.

Thanks to anyone reading this and/or answering my question.

Ted