Need advice in HELOC and BRRR plan

[Henry Ngo]

We bought our primary residence here in L.A. 3 years ago and currently have $425K remaining mortgage. Comps are in the low $600s (based on Zillow/Redfin). I was thinking of getting a HELOC for renovations and use the rest for investment. I submitted an online application to BBVA and got an email stating approved amount of $44K, this is before title search and their property value check. Will this approved amount change (hopefully increase) after docs have been submitted and reviewed? With that amount, should I expect a mo. payment of $440 (1% of loan)?
     Ideally, I was hoping to get enough from the HELOC to purchase a new primary (in the $700s) and rent the old house. Not with that approved amount though. The only thing we can do is stay in the property and do an out of state investment.