Need creative solution to pull out equity

[Paul Kline]

Hi everyone. Thanks for taking the time to read my post.

I'm a new investor and currently own 2 houses, one of which is my residence.

House #1. Used a VA loan 26 months ago not very much equity. Cash flows $500 per month.

House #2. Purchased in cash 3 months ago, plan is to BRRRR in time. This is my primary residence.

I would like to use the equity in House #2 (HELOC or REFI) to purchase my next deal but I am running into a few issues.

1. I am not working at the moment (Going to school on my GI Bill to cover my living expenses). This makes qualifying for bank financing challenging. 

2. I have only owned House #2 for a few months, some lenders want to see 1 yr before a refinance.

3. I am taking a well paying part time job very soon, but it is only a 6th month contract at a time (even though it is safely going to be around for the foreseeable future).

How should I proceed? I'm a little lost at the moment. It seems that my only way forward would be to find a job, wait two years for the income to qualify for a mortgage, and begin picking up investment properties at that point. But there has got to be a better way, right?

Thanks everyone in advance for any help or insight. I'll be monitoring the thread closely to answer any questions you may have about my situation. 

Thanks!