They are willing to allow me to cash out refinance the property with a 30 yr FRM at 5% at up to 90% LTV.

@Abe Appan You could consider leaving that 2.75% in place and just getting a 2nd position loan to pull cash out. 

DSCR loan, cash out refi.

Generally, for the optimal refinance, these are top of mind for BRRRR strategy investors:Return of capital: The key “secret sauce” of the BRRRR method is to build portfolios using the same capital over and over—which relies on getting your basis (or more) back on the refinance, where basis refers to the money you invested in the property (down payment and cash used for renovations).Speed: Refinance lenders use the term “seasoning” to refer to the amount of time (typically in months) between the purchase of the property and the refinance.

It's not super common because not everyone has the portfolio to afford this and not all brokerages allow cash loans.

.: Thanks @Clayton Silva for the quick reply.Regarding the cash out part though, there's no way of doing an actual refinance?

I can always do a full cash-out refinance in a few years if the rates make sense.

Purchase price: $65,000 Cash invested: $65,000 Purchased with a cash out refi on my original primary.

And yeah, getting solid intel from those who've already crushed it is the smart play.You're spot-on avoiding a cash-out refi with that sweet 2.75% rate.

I have a cash flowing short term rental property & I'm ready to move on to multifamily investing.