That is not a rule but it is fairly standard, (though there are ways around it).Assuming 6 months from the time of a cash purchase to refi is a safe assumption. as for your 70k, aren't you considering doing a BRRRR?

I wouldn’t refi unless I use the funds to invest more not to retain my capital and let it sit and feel safe.

And to be safe, I go back a couple of recessions and make sure I pick the absolute worst.

That in conjunction with planned immigration numbers into the GTA make it a pretty safe bet in my eyes.

Im a single person...I have never 1031 exchanged anything before, so not sure if id have to do this to buy another without owing a ton of taxes or could i sell it and just be safe of paying capital gains with the sale being under the 250k for single limit?

Majority American investors took a head wind lost their safe heaven from 401K recently.

I thought this was safe entry into the real estate investing.

Safe travels. 

I am open to Independence and other areas as long as they are safe.

   :)   To be very safe (and ethical) run the tenant / buyer through a mortgage broker before you let them lease and pay the option fee.