Cash Purchase using HELOC, BRRRR into LLC

[Brady Lamprecht]

I'm about 7 days away from closing on my first real estate deal and the thought occurred to me that instead of wasting time (and closing costs) dealing with a bank for the initial loan, I could simply use myself as the source of "private money" for the entire purchase (~40k) for a home that I intend to rehab.

The rehab is expected to take 3-4 weeks and I already have a reputable contractor with a written estimate in hand and the cost will be a ~25k additional (worst case) on top of that. The ARV I expect to get after the rehab is ~70k so while it won't be a "grand slam" deal out the door, it should give me decent cash-flow that I can using to quickly paydown the interest-only HELOC I'll be using for both the purchase and the rehab. The HELOC I have has a maximum of 96k available and I also have other cash saved I can quickly access in case I need to in case things go wrong.

So to get to my question...
I'm trying to establish a good financial history for an LLC that I formed at the beginning of 2018. I'm wondering if I were to purchase it in my name, would it be difficult to get a "cash-out refinance" for (80% loan to value for 56k) that is used in BRRRR strategies and then quit-claim it into this LLC?

I know I'll need to make sure the insurance is adjusted to the LLC after the rehab and deal with any recording fees that take place due to the transfer, but I don't see any other draw backs from doing it this way which will give my company at least a decent start to building a good reputation.

Any thoughts on what I may be missing in my strategy I've explained above?
I'd appreciate anyone's advice on if the I have plans are absolutely horrible or otherwise good.

Thanks in advance.