Cash Out Refinance Reno Before 6 Months

[Paul D.]

Okay,

I got my first deal lined up. I am going to cash purchase a home for 40K and put 15K into it in renovations. Comps show it should on the low end appraise for 67K high end 73K. However, I want to cash out my investment within a couple of months. I know there is the delayed financing exception, however, you can only cash out the original purchase price of the property for 40K plus fees... how can I make this work and get only 55K out or at least 50K when I refinance within 1-6 months? I don't want to cash out more than I have into it, just want to cash out to do another investment property.

Any suggestions would be much appreciated!

Paul