Yes, getting hard money involved is one way to do it. A couple tricky things, you will need to own the property for 6 months before a fannie mae refi, so there is an interest rate risk that you will run because in 6 months who knows what we will be looking at for interest. Hard money is expensive as srad mentioned. It also isn't really easy to come by. To attract hard money you need to find a great deal, be able to do the work needed, and be willing to take all the risk, and be willing to accept a lower profit.
Not all hard money lenders are the same. I've been doing hard money lending for years, but am super selective about who I invest with and on what projects. I've never lent without a heavy level of equity protecting my money. There are I'm sure people out here who would be willing to take on more risk by lending on property with less equity but they will want more for their risk.
A solid option is to make hard money lenders out of people that you know. If you are in a VHCOL area and have friends or family with equity in their own properties, see if they will do a cash out refi and lend that money to you. Offer them a great return above their borrowing costs, or a profit share, and secure their money by either a first or second deed of trust in the new investment property. Many times people in VHCOL areas are sitting on a lot of equity and don't always put it to work.
