So I bought a home about two years ago and obviously just like everyone else my house has appreciated and I recently did a cash out refinance.

You will likely end up with 5-10% less LTV to refinance turn key / purchase turn key.

Yes, you will have to make up the difference if it doesn't appraise, unless you're able to find a bank that will refinance at a higher LTV (90%) which might be extremely difficult to find. 

I've heard of PenFed, BHG, and SoFi are all good ways to get some cash for a down payment if you can refinance out and pay off the loan.

When I researched refinancing  I find requirements for 6 months of seasoning before you can do a cash out refinance. 

In this way, I only need one transaction for each purchase, comparing to refinance and then purchase with finance. 50% LTV is where I can get 1.2 debt service coverage ratio.any suggestions are welcome.

All these avenues should help you in refining your approach before you can ask questions related to the type of debt, data (T-12, RR), reasons why the owner is actually selling so you can define what approach to take in term of financingI hope it helpsGood luckCedrick

You may be able to benefit from a refinance and you could potentially do a cash out refinance as well.

You could keep the property rent it out and refinance it to get the increase in value out from your renovation.

Buy, Rehab, Rent, Refinance, Repeat by David Greene 7.