hi Brian - here's the deal on delayed financing through Fannie Mae -- if you buy a property in cash, you can take cash out within the first 6 months using the delayed financing exception (other than death, inheritance or divorce this is the only way to take cash out on a conventional loan within the first 6 months) -- 1) all money used to purchase the property must be your money. You have to present the closing statement to the lender and source of funds to prove the property was purchased with your cash (can be borrowed from HELOC, etc as well). The loan must disburse no more than 6 months from the date you purchased the property. 2) the lender can you lend you up to 70% of the MARKET VALUE (per an appraisal) of the home (not the purchase price), provided 70% of market value is not greater than the original purchase price. Keep in mind the rehab must be complete and the property condition must adhere to FNMA standards from an appraisal standpoint (all rooms must be finished, painted, etc., and meet applicable state laws related to carbon monoxide detectors, water heaters, etc.). You can typically qualify for this so long as you will not have more than 10 financed 1-4 unit residential properties after taking the cash out. Feel free to PM me with any additional questions