Is it possible for him to just refinance the property?

@Andy Collins Sounds to me like the best strategy would be to sell your condo and do a cash-out refinance on your personal SFR you live in.Sell your condo because you have a ton of equity in it and the Return on Equity is super low right now ($1200 per year in cashflow / $220k in equity = .5%), and a refinance would just create negative cash flow. 

Split $50,000 80/20If co-ownership in a BRRRR50/50 ownershipNo points or interest90% purchase, 100% renovationNo paymentsAfter rehab:Refinance with bank in 50/50 LLC based on appraised valueRetain 50/50 equity in propertySplit monthly cashflow 50/50Example: $100k purchase, $50k rehab, $200k value, refinance on $150,000 loan (75%)$2000/mo rents, $1500/mo debt service, split cashflow $250/$250.

It is worth close to $400K and I want to get a cash-out refi of about $160K, but lenders are requiring that I hold the deed for at least 6 months before they will refinance it. 

Hi, I have a primary residence that I just refinanced to lower the payment and possibly rent it out. Can I rent it out and get an FHA loan on another owner occupied property even though I just refinanced?
thank you 

There are the Fannie Mae Homestyle and FHA 203(k) loans that are essentially a refinance to give you the funds for the renovation and base it on the expected appraised value once the renovations are complete.

With $100k of working capital your purchase price is definitely capped and while you could refinance there just isn’t a ton of equity there. 

I have a condo that appraised at $130k.I have a loan for 85k.My equity 45k.Can I get any cashout on small equity minus the closing costs?

It is worth close to $400K and I want to get a cash-out refi of about $160K, but lenders are requiring that I hold the deed for at least 6 months before they will refinance it.

I just had my home appraised for a cash-out refinance and it went up 15% in 6 months.