Hey all,

I just bought a new house in August, 2017. We moved in and remodeled the basement into a 2 bedroom unit. We added the 2 rooms, a bathroom and a kitchenette with brand new everything down there. We also did quite a bit of work refreshing the upstairs.

The deal was done privately, so no banks have been involved yet. However, our plan was that after the remodel, we would refinance with a bank, pull out cash, and get the family members money out of the deal. We are just finishing this project the first week of January, 2018, when I lost my job just before Christmas. My plan was to launch into self employment later this year(after the refinance, of course), but I guess now is the time, I won't be getting another job. Though I am making income already, it only goes back 6 months and is not currently on any tax returns. 

My wife has been self employed for 3 years, but has consistently made about $14k per year. 

If we could pull out the equity we now have(we got a great deal to begin with), we would be able to pay off the money we borrowed for the remodel, as well as 2 of our other debts, increasing our cash flow by over $300/month. Are there any options for a cash out refinance as a newly self employed individual? Are their options to bring on a cosigner not living in the property to secure a new loan? Do I simply need to wait it out(definitely don't want to do that).

ps - I have not called any lenders yet, just thought I'd ask here first to get some direction with what to pursue and how. 

Thanks for any tips!