If not, sticking with your original plan, staying in the condo, and waiting for a better refinance window could be the way to go.

I don't want to refinance because my current rate is under 5% and doing so ruins the cash flow I've got right now.

Quote from @Daniel Tanasa: Another option is to get a small cash out refinance from the house you plan on fixing up, if is in financeable condition, and use that to fix it up, while still cash flowing.

I’m considering doing a cash-out refinance, not sure what the best options is , to use the rental property or the rehab property.

Kieran, the best bet here is to refinance with a DSCR loan.

You get money at closing and then you refinance when rates go down.Anyone done this before?

VA loans are the only loans that allow this, and there is no rate penalty for it no longer being your primary home.With that in mind, you could do a cash out refinance today at a higher rate than current market rates which will create profit on the loan, we can take that profit to pay for your closing costs.

What’s your primary goal for the cash-out refinance?

I'm making a healthy downpayment cash by doing a cash out refinance on three of my established properties that I know can cover the debt service handily.

If you are borrowing $150k, rates will not likely drop enough for you to justify a refinance due to lower rates.