From what I have gathered you are stuck with a minimum of 6-12 months of seasoning if you would like the refi to be based on a new appraisal price and not the initial purchase price.So, my issue is if I fix a property in 3 months and its now rented out, what do I do?

Like I have seen in my country the youth are willing to spend their money on buying property than the older generation because they're more educated.

However, after reading and informing myself I understood that I’d have a better ROI by getting an apartment that needs renovation and do rehab.The problem is that older building here are really crap old.

Those not familiar with the market for a single family (semi detached or row house), your starting price is well over $500K for an older home (and that is outside of Toronto). 

Some having a seasoning requirement. 

It's difficult to redeploy capital in this marketIf this was my one rental and not my passion at all I'd sell it in season. 

It may be it is not worth it to have a wood burning fireplace in this home if it is older.

Conventional lending will need a 6 month seasoning from when you purchased to refi to allow you a cash out refi.

The older hardboard is still holding up/performing in drier climates when installation was good, eg no nails overdriven and z flashing used where needed, and it was kept caulked and painted, including the seams, window trim and paint on the lower exposed edges and it was installed a distance from the ground.

The tenants have been there much longer than we've lived here and they treat the place like it's their own with seasonal decor, lawn care, and family get togethers.