HELOC and refinance pitfalls?

[Jiten Voralia]

Hello,

I'm looking at some potential out of state SFH investments. The strategy being to use HELOC/cash to purchase and then pull out the cash with refinance. The properties may need some cosmetic update but not looking to do any major value add.

Given then these will be investment properties, are there general pitfalls to be aware of in term of the refinance that may limit the amount of cash I could potentially pull out?

I'm not sure to what extend lending institutions would be will to provide their general terms upfront?

Any advice would be appreciated.