I have already checked with a few banks and online mortgage institutions and it seems like many of them want you to own the property for at least 6 months before refinancing and pulling money out.

If you do, you may be able to find note on note financing, but typically these outlets are for more institutional borrowers, I'm not sure if there would be any willing to lend at that amount and to an individual. 

The corona-virus was able to put on full display the inadequacies of our savings deficient economy; much like the moral hazard and problems within the banking institution that led to the collapse of housing market, lets table the economic impact made by the corona-virus and instead address the underlying problems that have since surfaced.

Since it was institutional paper, forget about it. 

1 Potential Rental Income 2 − Vacancy & Credit Losses 3 = Effective Rental Income 4 + Other Income (Collectible) 5 = Gross Operating Income 6 − Operating Expenses 7 = NET OPERATING INCOME 8 − Interest – 1st Mortgage 9 − Interest – 2nd Mortgage 10 − Participation Payments 11 − Cost Recovery – Improvements 12 − Cost Recovery – Personal Property 13 − Amortization of Loan Fees/Costs 14 − Leasing Commissions 15 = Real Estate Taxable Income 16 Tax Liability (Savings) at_____% 17 NET OPERATING INCOME (Line 7) 18 − Annual Debt Service 19 − Participation Payments 20 − Leasing Commissions 21 − Funded Reserves 22 = CASH FLOW BEFORE TAXES 23 − Tax Liability (Savings) (Line 16) 24 = CASH FLOW AFTER TAXES

You get the benefits of having a professional, full time team managing the investment while allowing you to passively participate in that particular asset class.

Substantially All Participation Test.

I've found that the smaller banks with fewer branches are usually more likely to lend in such situations - especially the institutions that don't sell their notes on the secondary market.

It gets hairy when lenders sell over the mortgages to bigger institutions. 

I did not think buyers title insurance would be necessary until when/if I refinance with a financial institution.