If you buy in a location with significant and sustained population growth, you can use a cash-out refinance to reinvest accumulated equity as the down payment on additional properties.

Is this a purchase or refinance transaction?

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portfolio refinement? 

The best way to do it is if you can manage to live in the home for (6) months you can refinance it into an investment property if the LTV is at least 85%.

There's ways to negotiate earn outs, build in soft costs etc. to help recoup the majority of your capital without the need to spend the time or expense on a refinance.

I'm working on getting a cash out refinance on a Rental property.

But from this thread i'm assuming I should wait until that refinance  is complete?

Does this mean, I am not able to refinance to a lower rate in the future until 5 years or I would have to pay a penalty if I were to do it earlier than 5 years.Thank You,

My favorite program has a 90-day seasoning requirement, and we often kick off the refinance around day 45-60 of ownership.