Cash-out refinance after rehab on first of two houses on property?

[Kent Verge]

I'm thinking ahead a bit, and I had a question about doing a cash-out refinance.

For some background, I bought a buy-and-hold rental for cash; it included two houses: a 3/2 in the front, and a separate studio cottage in the back. I plan to rehab both and initially planned to do a cash-out refinance when complete.

There were some difficulties with financing this deal, mainly because I already have five loans for other houses, so I raised funds with essentially a HELOC and a crowdfunded personal loan to purchase the house for cash and cover the rehab. Because of the change in plans along with some unplanned rehab costs, I likely won't have the funds to rehab both houses up front (although I can find additional funds if needed).

I read about Fannie Mae's "Delayed Financing Exception" which looks like it may be an option for this property. That said, I'm not sure that I can secure additional funds and finish the rehab on both houses within the 6-month window. I know that the rehab will be completed on the main house in time. 

Would it be possible to do a cash-out refinance with the rehab complete on only one of the two houses? Since some demo has begun on the cottage, would I need to get it back into a liveable condition first, or could it be included in the valuation in an as-is condition? Based on recent sales in the area, the ARV of the main house alone would be more than ample to allow a a full cash-out refinance, less rehab costs, under delayed financing, but I'm not sure how the cottage would play into the refinance valuation.

I know I should have figured out the exit plan earlier, but the last minute change in financing of the purchase threw in a monkey wrench.

Thanks in advance.