Once you stabilize the property with a tenant, you may explore a cash-out refinance to utilize the increased home value for additional renovations.

I just stop talking and just followed and spoke when spoken to And he low balled me Mind you i have a new kitchen new bathroom room all new plumbing and electrical i gutted this house to the studs and my house is almost $40k lower if sold at this price cheaper then lowest house over here that sold  This is from the appraiser through your refinance lender?

The rate should be similar to a rate and term refinance if the property is owned free and clear. 

At 6.41% your refinance is not really gonna help you and I would only refinance if you are in it for the long haul due to the costs of refinancing. 

One option is do a cash out refinance on your current home and use that money as a down payment and vacate the home to transition it into a rental. 

You won't not be able to buy another property with bad credit (or refinance an existing property, or even rent a property or buy a car).

I know I can acquire them, get them running well, and SBA 504 refinance them in 3 years.

Refinance into 30yr VA and got $38,000 cash out for use in Florida investments.

More than likely its a 3 year or 5 year prepayment penalty - So you cannot sell it or refinance for 3-5 years. 

Could someone clarify how a cash out refinance would work after new construction.