Cash to HELOC to BRRR
Is there a downside or something to consider to buying a vacant home (CASH) to owner occupy and immediately get a first position HELOC to use for repairs fix it up over the next 3-6 months then Refi into a cash out 30 year mortgage? I'd then be renting by the room/ getting roommates for the first year then either traditional long term or sell after 2 years.
Can’t recall this being a strat talked about much