Should I use my HELOC to BRRRR?

[Jacob Howell]

I purchased a duplex for 80k and it’s worth about 140k, conventional loan, 25% down. We then got a HELOC on our residence for $68k. Really wanting to BRRRR soon and wondering if I should use my HELOC to pay off the property, do a cash back refi and use that for the next place? I’m in the game and am ok with moving more slowly at first while I get systems drilled down and learn how to be a good landlord, but want to be able to start moving on a few deals a year with cash. If my math is right, if I owe $60k, use HELOC to pay that off, rental appraises for $140k and I pull out 98k (70% of value), back back HELOC and have $38k plus 68k for fully stocked HELOC. Is that right? What am I missing?