Considerations before refinancing rental property

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What do you consider before refinancing your rental property? 

For example, do you wait until your property is fully rented and showing income?  Do you wait for all your expense are stabilized?  Wait until the seasoning requirement is fulfilled?


Refi asap, get your money out and do it again.  If you added improvements that will support a new/higher valuation, go for it sooner.  If not, may have to wait the 6mo in order to use appraised value vs purchased price (assuming you bought at a discount). If you have enough funds to keep it going (other projects) the 6mo may not be that big of a setback. If you are a relatively solo operation 6mo will probably go by fast, but as you get a few under your belt and the cashflow starts compounding, it wont seem like much time or much setback. 

Just my thoughts.