Using HELCO from portfolio to fund new Tri-plex renovations

[Matthew Addison]

Hello,

I'm buying my third Multi-family and will be closing this July 2022. All my properties (3) have been funded by VA Home loan. This will be my first time trying to use my equity to fund renovations. My goal is to take out a HELCO from my first rental property which has about 170k in equity. I want to use about 20k to fund the renovation on my new property.

My questions:

1) After I finish renovation in about 6-12m do I complete a cashout refinance on the new property and take the profit to pay back my HELCO? 

2) I'm closing on the triplex at 650k. How much do i need the property to appraise for to be able to pay back my HELCO?