Another important distinction you should inquire about before starting a cash-out refinance seasoned less than 12 months with a lender is whether there will be a cap on the loan amount or cash-out proceeds based on the seasoning. 

I am a licensed realtor based in Atlanta, Georgia, and I am currently working on obtaining my mortgage origination license.

I am based in Edmonton, Alberta.

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

As a result the property, based on capitalization rates, can now be sold for $450,000.  

You can get a refi based on the as is value after 3 months of ownership.

There is a house at a foreclosure auction that has a subordinate security agreement based on the national stabalization program NSP through NACA.

The structure is mainly appreciation-based, which minimizes tenant and maintenance risk. 

This method provides an indication of value based on the property's rents.

I would also let them know they are ranked on a point system based on our application criteria.