Thoughts on a using a HELOC on acquiring rental Property?

[Samson Kay]

So I've been a member of bigger pockets since I started investing in rental property in 2013. Its been a side hustle for me mostly, because my main job (engineering) has had me relocate to different parts of the country and as a result I would buy 1 or 2 rental properties wherever I settled.

I've gotten to the point now, where I want to add to my portfolio again, and collectively each of my building would allow me to pick up an additional building for 100% cash. I thought I could apply for a HELOC for each of my buildings that I currently own, and focus on buying a building where I can turn around and refinance the property at 80%LTV to pay off the HELOC, given that I would be able to acquire the property for less than it is worth.

Has anyone out there had any success with this strategy? Given the state of the economy does anyone foresee difficulty in getting multiple HELOCs and even refinancing?

Thanks in advance...