If you log out and log in again immediately on the same server, there is no relog timer and you can loot your past self before it logs of finally.
In this video you can see it from both perspectives, logging out and in again actively and watching it from ingame:
PS: There are 2 more bugs in the Video that appear since the new stable build was released.
- Relogging at dusk improves lighting massivley
- Unable to look through ironsights/scopes, if the weapon comes from another player (dead or alive, looted or droped)
But I think you are aware of those.