BRRRR using Sheriff Sale purchases and HELOC

[Mike K.]

I'm financially stable with good income, low debt, and good credit score. I'm in my upper 50s and would like to retire in 8-10 years with $3000 in passive income from RE investments. I have about $250k available through a HELOC. Seems to be a shortage of positive cash flow properties available on the local MLS here in central Ohio. Thinking about purchasing foreclosed properties at auction using HELOC funds for the purchase and renovation costs, then refinancing into a 80% LTV conventional loan to pay back HELOC, and renting property long term. Is anyone using this method? How many properties do you purchase in a year? Are there any risk factors to this approach, beyond typical BRRRR?