Buying with hard money. Then cash out refi for renovations.

[Jarren Durbin]

Hello BP, first post here. I am new to house flipping and have been doing tons and tons of research and I have a house I am trying to close In on. The house I am looking at is a hoarder house of a deceased lady being sold by her son (Private deal). I have a decent chunk of money in savings, enough to put down on a HML but not enough to do conventional financing and fund my own renovations.

Purchase price is $260,000 (Seattle market and way under value). Hoarding clean up should be doable for 20k doing a lot of the work myself. But renovations/repairs could be anywhere from 60k-120k. Can’t really tell until I get the house cleaned out (hoarding is extensive).

My question for you guys is could I get a HML loan for the 260k purchase price and 20k cleanup. Then once the clean up is done and the actual "as-is" value is significantly higher. Could I do a cash-out refinance and use the funds to pay off the HML and use the rest for the renovations? ARV of the house could range 550k-600k.

I know there is a lot of nitty gritty rules when it comes to refi and HML and what not such as seasoning, LTV, etc. But I just want to know if this is a smart investing plan or if there are better ways or options to go about this. Once again I am new to house flipping and I may be misunderstanding some things, I am turning here for clarity and advice.
 
Thank you all in advance. All tips and advice are greatly appreciated.