Advice using HELOC/BLOC....

[Jay Frost]

BP Folks!

Looking for some advice........hoping you guys can help. 

Bought a bread and butter BRRRR with cash, $75,000. REHAB $20k, ARV 120-130.

(4 bed, 2 bath 1600SF in North Carolina)

Likely rental 1100-1200.

Initially I bought to hold for a modest cash flow.

However,

Here's the query, about 3 weeks out from completion, and portfolio lender is excited to push me a $100k HELOC on this property. But I'm thinking of playing the clever game: multiple exit strategies - push my luck listing it at $135k at the same time as advertising rental for $1200.

If it rents I'll take the HELOC and onto the next (got multiple future deals lined up, so I'm getting desperate for the money)

However, if it sells after the HELOC is approved, will I have to surrender the HELOC?? Or can I keep using it on the basis that it's secured on the 130k cash I have, which is going to go into multiple new deals? Would that be possible with a business LOC?

I have a single-member LLC.

Appreciate any help and advice!!