Depends on the lender, some will want the property to season for 6 months to 1 year before they will do a refi. If you have access to to a real estate agent, ask if they will pull comps for the property to learn if you truly have a steal. If the property is a great opportunity, look for a lender who will do refinancing quickly and be sure the original lender lender does not have a prepayment penalty in their language. As always, have good people on your team, real estate agents, mortgage brokers, accountant, legal, etc... that you can go to for grounded advice. Join your local real estate investment groups, attend the meetings, this is where you can find the answers to most of your questions as well as the BP's forums.
@Lake I. I believe @Kevin Dougherty said it all - seasoning period depends, have a great team and understand the comps.
I was able to find a bank that had no seasoning period but if you can only find banks that will only do 6-12 month seasoning periods then factor those holding costs into your numbers.
PS Get a profile pictures. It lets other investors know you're serious.
If I get a home for a STEAL can I refi right away to get, say, 7k which was the down payment? Can I have an appraiser check it out before the bank?
Lots of variables on this one. First, there are no and low seasoning options for non-owner occupied properties where income verification is not required.
Loan amount and Loan to Value are key here. What was the purchase price? What is the payoff? Did you get seller financing? What's the DSCR? If your new loan amount isn't 75K, you may have trouble finding long term financing without Fannie/Freddie's backing.