Some portfolio or private lenders may waive this rule, so it’s worth exploring.While waiting for the 6 months, finalize renovations, stabilize the property with tenants, and ensure all paperwork (leases, receipts) is organized.

(no waiting period to simply refi what is owed) DSCR programs are not purchased by Fannie/Freddie so they can set their own rules and some have a waiting period as short as 3 months. 

@Julie J.My recommendation would be to wait until you can afford a home with traditional financing.

If you have been studying the market for many years you are just like how I was before i bought my first property waiting around to see and studying the market while prices continue to go up.

Sell the home- I would keep the home vacant and wait until spring season to sell.

Why wait five years to reassess market rates?

I've also talked to my current lender and we decided to wait till we get closer to maturation in hopes the rates will go lower. 

If you are willing to wait we are most likely going to see 100 basis point cut over the next year and a reduction in the spreads that lenders are working off of.

But we don't sit around in sombreros waiting for a breeze.

You only want to wait if property values are crashing, crashing hard enough to make a difference.