1. most banks/ credit unions are telling me I have to wait a minimum of 6 months after closing before I can get a cash out refi..

You should do whatever refreshes your cash/credit pool the fastest so you can move on to the next deal.

With current LTV, the credit union says we have been approved for approx $48K.

If I have an LLC with 3 partners and we buy a $99,000 house, do we each get 33,000 on our credit?

@Kevin Uzelac If you want a long term hold, you need long term funding which will most likely be from a traditional lender.Start checking around with local lenders as well as national lenders and credit unions to see what it will take to qualify for funding for rental properties.

I’ll definitely be applying some/all of it.

It can be dry, and it doesn't all apply to a new agent, and it will give you systems for your follow-ups and leads. 

Your rate is not “locked in” until after you actually apply for a loan.

I don’t know how to get money from an investor or a hard line of credit so I decided to come here to watch and learn.

@Jon Mark, what does 'bad credit' mean?