cash out refi??...need some help

[Craig Montesano]

Hi everyone

I could some help...I am a little confused.

I am looking into a SFH that is in a great area but needs about $15K to $20K in work. I can get house at 12K cash. Once fixed up I should be able to get $650 to $700 a month in rent.

Ive done a little research on the cash out refinancing technique but it just isnt clicking for me...all my other homes have been bought with conventional mortgages and cash.

For this one I would use my HELOC for purchase and rehab....

How do I pull cash out once it is rehabbed....

Thanks so much

Craig