If you meet the guidelines you can potentially cash out up to 75% of the properties value.

Fannie does have a guideline that allows a property to be deeded over to an entity so long as the original borrower is also in the entity, but you have to wait 6 months of seasoning and maintain continuity of ownership.  

If you use a DSCR rental loan it could be as low as 3-6 months of time seasoning required so it depends on what product you're using to accomplish the mission/goal.The time frame isnt a legal requirement, its a financing product specific requirement as a guideline to obtaining the money in which you seek.If you had other scenario related questions feel free to mention them below or via DM.

@Jordan Ryan I highly suggest teaming up with a broker who you'd want to build a relationship with and truly understands the ins and outs of different underwriting guidelines for fix & flip and DSCR loans. 

I haven't ran into an issue like this before especially if you followed all of the guidelines for it to be a legal bedroom such as bedroom size, entrance size, egress, closet, etc.

The agency will have some set of guidelines about land use.

The part about people not believing in you or thinking its a gamble definitely hits close to home for me..

I'm getting to the point where I have a good chunk saved and am wondering what guidelines people follow to know when they can start tapering off the contributions or stop them altogether.What rules of thumb are out there that people use?

Meeting strangers at a vacant property is always a gamble also.  

DSCR guidelines vary by lender and working with a mortgage broker or lender that specializes in these mortgages can help get better terms such as a DSCR 1 ratio vs a DSCR 1.2 ratio.