Once the property is rehabbed, you can refinance into a DSCR loan with no seasoning requirements.I'll let some of the traditional mortgage brokers chime in, but traditional financing might require a 12-month waiting period to pull your cash back out.

Are you referencing cash on cash return?

I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).

If you cash out equity in a property, you are "borrowing" that money from the lender.

I paid 160K cash for that one, spent about 30k again and have it rented for $1,895/mo. 

Are you looking for cash flow, safe neighborhood or bringing a property out of the abyss to perfection?  

Purchase price: $12,500 Cash invested: $130,000 Sale price: $204,900 Purchased home and completed a complete renovation of the property.

I will add we took out a loan to buy the home for 20k along with extra cash to put into our home to make a "home office" out of the attached garage we never used except for storage so we added even more value to our 156k purchase.

You could consider doing a cash out refinance of your current primary as an investment property with a dscr loan.From there get a low cost or zero down loan for your Primary.Use the proceeds left from the refinance to get your next property.There are so many different strategies.

Consider the following: - renovation cost, monthly expenses, potential rental income, cash flow, return on investment6.