Cash Out Refinancing a Turnkey property SFH

I am new to BP and will be using a HELOC to purchase my first investment property. I am thinking of going with a turnkey route and paying off my first investment with a heloc then refinancing to 30 yr fix and doing it all over again. However, my questions is if its possible to cash out refinance a turnkey SFH? My understanding is the turnkey companies do not leave any meat on the bones. Therefore, limiting the cash out opportunity?