Is Fannie Mae terminology for "rate and term" refinance "limited cash out" refinance? 

Better have 50k invested and making around 6-8% cash on cash the first year and after running that business for 3-4 years sell or refinance the property and collect your initial investment of 50k + 40-70k in forced appreciation.

You will then have to refinance with a commercial product or pay it off.

My last purchase that I had hoped to brrrr I never did the refinance and have not yet done the repeat.I really think your best odds of success is near your local market.  

I put up for sale with no bites then transitioned to a STR strategy then Kiavi told me they don't refinance unless it's a LTR so I found a renter and went to refinance. 

In most markets at the current rates, the property is negative cash flow after extraction of equity via the refinance. 

I am looking to do a DSCR cash-out refinance of a rental property that I own free & clear, but have only owned for a little over 3 months. 

Jonathan,It depends on a few things if the 7/1 ARM is close to adjusting/recasting I would simply refinance into a 30 year fixed.

As far as tapping into the equity without doing a refinance, we offer some great HELOC products which are especially good for funding short term deals like ground up constructions or fix and flips.  

If a property appreciates at least 2-2.5% per year, I know that my PPP is essentially paid for if/when I refinance/sell.