Lease Option to Finance

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I am currently under a lease option contract and would like to execute the option here shortly. During my time I have fixed up the property and believe that it may appraise for more than I would be paying.

My first thought was to purchase with private money, and then cashout refi (or just refi if it does not appraise well over) as soon as I am able to, assuming 6 months.

But I want to better understand if there is a way to skip the the private money step and go right into a traditional product, and get cash out or just leave in as equity? This would be an investment property, but could be my personal residence if needed. This would be much easier and cost effective I just dont know if it is possible.