inheriting a property; probate

[Johnite Ryen Aguirre De Jesus]

Greetings, all! i appreciate any feedback anyone may offer. I am in the probate process now to gain a home that is valued roughly between 675k-770k. There is about a 330k balance left on the current loan. The house could use some upgrades in some of the cap ex items, and just some general upgrades overall. I've been trying to educate myself on how best to proceed with a plan of keeping the property as a rental. i am not 100% sure if this plan is actually doable so,please let me know if this is feasible: I plan on getting HELOC once probate closes. Use the HELOC to address items to be upgraded. After rehab, I'd like to refinance to current appraisal. Is this okay so far? if so, once i refinance, am i able to apply for a home equity loan to pay off the HELOC? (am i able to have a HELOC and home equity loan at the same time and using the same property?). OR is my more realistic option to do a cash-out refi? Honestly, i think I'd rather do a loan vs. cash out refi. I'd love to hear what you think so far. But, once HELOC is paid off, i can use remaining capital from the loan (or cash out refi, if that's my only realistic option) to possibly purchase another investment property in a cheaper market, thus beginning my BRRRR journey?!