Your LTV for a purchase will be based on appraised value, or purchase price, whichever is less.However, if your numbers (which seem odd) actually hold up, you could buy it at 75% LTV on the $60k purchase price, and then possibly do a cash-out refi at 75% LTV (based on appraised value) after six months or so (most lenders want at least 6 months of seasoning before they'll consider a refi.I say possibly for a number of reasons: Lenders are really tightening their belts right now, and the pandemic is obviously shaking up the economy and the housing market.

The snowbirds congregate in 85367, so much higher seasonality.

Avoid buying during the end of year holiday season or agree with the GC prior to starting when it needs to be done by, I just didn’t like having the property sit idle for whole month of December.3.

If you wait 6 months (seasoning period), you should be able to use the new ARV for the value of the property and get a % of that value instead. 

Network every chance you get with more seasoned investors, contractors etc.

Also, as a separate question, is there a "seasonality in Miami" where the units have to be rented for a certain amount of time before a cash out?

Cash is limited to liquid assets that are seasoned (in an account 30 days or more) and available to you as an owner/beneficiary. 

@Odie Ayaga - you can do a rate and term refinance with 1 day title seasoning.

----As a seasoned/experienced investor now, there are so many things I would do different but I can say without a doubt...

Just wondering what kind of experience the seasoned landlords/property managers have had with trying to get a property leased in January/February and if yall went the 6 month route or 1 year route.4.