You would need to earn equity on the new property to be able to refinance and pull cash out.

I'd be better off canceling the deal.I would pull back to see what happens.

He took 56k from us, justified it and only pulled permits.https://www.linkedin.com/in/jeffery-beach-3bbbb1170/https://twitter.com/jeffbeach75?

After the home is completed, a cash-out refinance could also pull out significant funds for your first deal.

@Jordan Dzubak we played with the idea of getting something at the Lake a few years ago, but ultimately never pulled the trigger in large part because so many neighborhoods were modifying their C&Rs to prohibit short-term. 

I had considered BRRR-ing, but find that the mortgage after I pull the equity out will be too high to cash flow on.

I wanted to share some exciting news here at BiggerPockets as we have launched a new downloadable spreadsheet for analyzing short-term rental deals.Once you pull in some numbers from a STR data source like AirDNA, Rabbu, Mashvisor, etc., you should be able to see if a deal pencils out for you.

At this point I'm in disbelief thinking I might actually pull this off, until the bank called.

Refinancing condos to pull money out is a nightmare. 

I'm considering pulling the plug at this point.