How long to HELOC/Refi a home obtained from probate?

[Jason Eyerly]

I'm $40k into my Dad's estate for a 4/2.5 1800sqft home in Las Vegas (see my classifieds post). It's going to cost me another 60k to clear his debts to get the house free and clear. However, I'll then have almost 200k in equity. My goal is to put a renter in it and get out the $100k I'll be into it so I can use it to househack with an FHA loan for myself and have the cash reserves needed for fix and flips and let the remaining ~100k in equity ebb and flow with the market. This would be a LTR for me as I want to keep the house in the family. How long do I have to sit on it before I can get my cash back out of it? What credit score is required? I'll only be between 600-650 by then but consistent six figure income. I'm looking at creative financing and considering selling just to get back the $40k I'm into it so far but that's an absolute last resort.