I guess you are debating on if you should buy the property with cash or with loan - If you buy with cash, you need to wait for 6 months in order to do cash out refi, the market rate may be hgiher and the property value could be lower in 6 months.
If you already own the rental property for 6 months, the rate for cash-out refi is at least 50 bps (or 0.5%) higher than purchase; and you are paying all the closing cost.
