This implies you do not take the extra money obtained in the refi and squander it unless you have reserves to handle a Great Recession event (which this virus may be a GR like event).Take the money now, but if you do not have sufficient reserves consider using it to build those reserves. 

In the very first section of Utah's terrific Buyer Due Diligence Checklist it states "Buyer is also advised to make inquiry at the local building department to determine if building permits and final inspections were obtained for any remodel work at the Property, if applicable."

So I would suggest working on increasing your income, credit score, decreasing debt, increasing industry experience, etc. so that you improve your chances of getting approved by an underwriter as you work towards your goal of obtaining 20% down. 

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Bailey, 460 Mass. 327 (2011)"[T]he Housing Court has jurisdiction to decide the validity of a challenge to a title, raised by a former homeowner as a defense to a summary process eviction action by a party acquiring the property pursuant to a foreclosure sale."

If you don’t mind me asking what was your process of obtaining your first rental property?

@Eric T- There is no wrong way.

Me personally, I would obtain a HELOC so the money is available to me whenever I need it but I won't be paying interest while the money sits around waiting on me to find a property.

Set a specific goal to obtain it.

Most are in bad areas, and are in desolate condition - new ones haven`t been built in 30yrs, the existing ones are therefore a minimum of 30 years old, 30yrs of low income tenants, go figure.I would personally not get a condo to rent out for many reasons, however there are a few exceptions too, i know @terry lao is pretty happy with his, despite paying 500-600 in HOA fees - he didtn buy at the current market prices though, so keep that in mind.