Cash-out Refinancing

[Alexis Dedrickson]

I am currently rehabbing an REO property that I paid cash for. Once it is finished, I am going to keep it as a rental property. Obviously I want to get my money back out of the property so that I can invest it in more properties. Why is it that NO ONE will refinance unless you have owned the home for a year? How is anyone supposed to invest if they have to tie their money up for an entire year? I certainly don't want to pay a hard money investor 15% plus points for a year...anyone have any luck??? Or answers for that matter?

Thanks!!