[Real Estate Newb] HELOC + BRRRR + Refinance Question

[Kyle Monstad]

Hi all! Super new to real estate investing so please excuses my novice questions. I intend to purchase a property in full with a HELOC then use the BRRRR strategy going forward.

From what I've heard, buying using a HELOC is essentially like paying cash as far as the seller is concerned. Since I pay cash can I refinance the home at any point? I know each bank may have different regulations but if you were to guess, would you assume that they would make me wait a minimum seasoning period before I could refinance a house even though I paid cash? Or could I buy the house and refinance it as quickly as my heart desires?

And finally, I obviously intended to refinance and pay off the HELOC ASAP (hopefully within six months of purchasing). If anyone can offer any insight into the interest payments of a HELOC and paying it off with a cash-out refinance that would be great (another mini-question: is the cost of money here considered part of the "investment" portion of my cash-on-cash return equation?). For example, if I am to get a HELOC and only pay down the interest during the draw period, will the bank allow me to pay off the HELOC in full without any penalties? Even though they're making money, seems like they might be upset to see that they're only collecting 6 month (ideally) of interest.

Any answers or guidance are hugely appreciated. I'm eager to get started in real estate, but first I want to educate myself in as many areas as possible before taking the leap.

Cheers!