I already make a living out of real estate and I'm not planning on ever leaving this space, I'm here to stay. 

you would need to make monthly payments to the seller during the rehab, just like to any other lender, and then if it were a rental, you would want the rent to cover the payments plus all other expenses.you'd also need to figure out how to pay for the rehab - either out of pocket, or finance it somehow. 

And I was living below them so it made it tough as I was going through the eviction process with them.

To rebuild would not be all that much more due to the work that needs to be done. 

Hi @Adam AeroIt's good to have goals in mind.

Welcome to BP.

(I know, nothing is certain but just hypothetically) and all cash out loans are not created equal. if you have a lot of equity you can borrow up to 60% with the lowest rate possible, which would be close to a half point lower then borrowing up to 75% loan to value. 

Would like to have in my back pocket in the case of finding a FSBO.  

Not considering it will take years of perfect rental with no vacancy or capex just to “break even” with where they are today. 

It's going to depend on the lender, how it's titled and what kind of refinance you are doing.If you're doing a conventional cash out refinance, a lot of lenders are going to require a 3 to 6 month seasoning period prior to refinancing and it will have to be rented first.