First Investment Property - Need some advice

[Britt Fuller]

I bought my current house in Tampa almost 2 years ago and have some equity in it (owe $174K and valued at $240K). I have found a 3/2 house near by that I wanted buy, rehab, rent, and refinance. It's ARV would be roughly $160K-$180K and I have estimated the repair costs to be around $20K (and take 2-3 months). After talking with the current owner I believe I could get the property for $110K. I've researched rent for similar properties in the area and they look to be in the $1250-$1400 range. I've estimated my monthly mortgage payment to be $900-$1050 after refinancing to get a loan of $140K, estimating for taxes and insurance, and closing costs. My question is what are the pros and cons of getting a HELOC of $25K on my current house along with a hard money loan to finance the repairs and acquire the property (and then refinance it in 6 months)? Would this be the best way to acquire this property?