Delayed financing with a Heloc

[Lee S.]

I came across a thread discussing delayed financing yesterday and that got me thinking and researching this option.  I'm trying to have as many ways possible to stretch my available funds in case I come across multiple deals at once. 

I understand how delayed financing works and I think this is a good option, does anyone know if you can refinance your cash out with a heloc?  The reason I would do this is if I'm looking to just turn the property with minor or no rehab (wholetail) yet I want to free up my cash in case another property pops up.  Heloc's seem to have lower fees etc so that would save on costs.  Thoughts?  One potential issue I can think of is if there is a prepay penalty on the Heloc.