Richard Marshall You can refi prior to the 6 months but you can only extract up to the purchase price.

If they bid up the property not understanding how to later extract the most rent out of it long term then they will lose $$.  

I try and list my rehabs for 3 to 6 months first to see if I can extract a $10k profit first.

Before you hit that wall, try at lease one cash-out refi to extract that equity for liquid future operations. 

., perhaps mix some wholesaling in there as opportunity arises, particularly if you can spend a little money on marketing.Later you can refinance the rentals to extract cash for more purchases.

If you have significant other assets, perhaps THOSE assets should be in another entity.And last but not least, the PA Dept of Revenue is aggressive in auditing transfer taxes, and there have been cases where they have prevailed in extracting 2% transfer tax on self to self deed transfers when there is an LLC or trust involved.

Sharpen your skill set & you will have many more ways to extract profit without paying for hard money.Hard money is difficult to sustain long term on an income property.

Don't you think this means investors believe there is no way to extract this cash?

I have to Disagree  on that one my Family is Been Investing in Real estate for over 70 years, i am the 4th generation and my Grandfather now 85 and very very well off gives me his advice and tells me if you can get some free money ( cash flow ) that what he calls it is still the best cause somebody is building equity for you and you getting a return on the original cash investment you did out of pocket its not that is for poor investors is for people who are starting and want to make quick money that part is true but not always Cash flow is a powerful thing with the right cash flow property you can start extracting equity and build savings and grow your portfolio even more no matter how rich you are, the shorestein family large real estate owners which i happen to know personally says less money out of your pocket more money that will come in after pay day. interpreted how ever you want thats my opinion not all deals can be cash flow but if you find one is good to get in.

In the C/O Refi scenario, I'm using a 70% LTV ratio against the value of the properties, then subtracting the liens and the borrowing costs to get an estimate of what I could extract.