Not a Cash PurchaseDown payment of Purchase Price: 65000Loan Interest Rate: 9.99Points Charged: 3Other charges by Lender: 1,100Fees out of pocketInterest Only (Yes)No PMIRefinanced after 3 monthsEstimated rehab time: 2 months----Refinance---Loan amount: $125kInterest Rate: 5Closing cost: $4kWrap points into loan, NOT interest only, No PMI, Amortized for 30 years. 

I want to finance for purchase and cash out refinance some other properties which I own with 100% equity.My credit score is 740.My work contract is limited and will end Dec 2018.

If I rent I can cash out refinance for $150 but then only have the HELOC on the primary 80k if in a year from now we have time to invest. 

If you are ready to jump and can only afford a C/D area, then your best bet is to find a solid property manager that works the neighborhood and can take the burden off you.

@Michael Coiffman  Personally if you think your credit will be in the mid 600's in only 6 months I would wait on buying and see if you have more financing options.If you're looking to buy right now then an owner finance deal would probably be your best bet. 

Best bet: Avoid this situation completely.

I bet replace it. 

Let's say I have an accepted offer of $140k, to be able to refinance to a 30yr mortgage, I'd need at least 20% down, $28k.

If I do not desire the tenant or he does not want the increased rent I look for a new tenant for the rehabbed unit.  6) I move into the not rehabbed unit and start rehabbing it.  7) when I am done rehabbing it I refinance it pulling out hopefully all of my invested money (using contractors I usually get my down and part of my rehab cost but if you are doing much of the work yourself I think you may be able to get out all of your invested money 8) Use all that knowledge you have obtained to do it again with less mistakes trying for that homerun investment (I think most experienced So Cal RE investors have the Homerun deal: the type of deal you can potentially retire on).Here is also something you may not know: Commercial RE loans (5+ units) are more based on the numbers of the property than the numbers of the investor. 

Then either refinance or sell and get into a multi family to build a portfolio.