Like any good Accountant, CA, EA they will be busy through tax season but after would be a good time for a strategic planning meeting.

Hi Howard,Welcome and you will have access to quite a bit of seasoned advise.

They don't change the AC filter or mow the lawn or rake the leaves in this season of falling leaves.

From here I don't know what happens, because after 12 months of seasoning when it comes to a refinance, how can I refinance if my DTI cannot afford the new refinance, which would be Refinancing at 75% LTV, so they give me $75k cash (or is it 75% of the 85% equity I have?)

If you could provide a step-by-step (including the time component i.e. 6 months seasoning), that would be amazing.  

You can find a hard money lender for the initial loan to do all of this and once you have it rented and let it season for 6 months you refinance at the new value (100k) take your 70k out and use it to pay back all your lenders and fees and now you have a cash flowing rental property with 30% equity.

Then refinance after seasoning 6 to 12 months.Just remember in order to get 100% of your cash out your all-in costs (purchase price, Rehab costs, closing and holding costs) must not exceed 70% of ARV or refi bank appraisal.  

I thought banks want a seasoning period of 12 months? 

I eventually took out a 8 month interest-only personal loan for the entire purchase price at 5.5% There will be permanent financing options available after the rental has "seasoned" for 6 months; since I bought the property at auction as a "case only deal," conventional financing wasn't allowed by the seller. 

I'm not a seasoned investor as I have only been doing this for about 4 years (yet to invest during a recession), but nevertheless, as you stated above, this is what I would do in your shoes.