Get The Most Cash Out of Rehab? Mortgage/HELOC/Title Seasoning

[Ike Stephens]

I have a little bit of liquid cash and I'm trying to determine the best way to put it to work. Here's the picture:

I recently purchased a duplex in Cleveland that I bought for $82,000 last year. I currently owe about +/-$60,000 on it with a traditional, conforming mortgage. The duplex is now vacant and we're about to start a rehab on it which should cost about $25,000-$30,000. There are comps in the neighborhood that will have the ARV in the 110-135k range (a very similar duplex a few doors down sold for $130k 6 months ago and ours will be nicer when complete).

I currently have enough cash on hand to pay off the mortgage and complete all the repairs. I'm trying to decide the best course of action. I'm currently considering:

1) Pay off the mortgage and then obtain a new one after the repairs are done and it appraises for a higher price. Would I need to wait for the title to season (6+ months) or could I obtain a new mortgage sooner? 

2) Complete repairs and apply for a HELOC. Would they base the equity portion off the original sale price ($82,000) or would they appraise it higher ($120-$130) since there are repairs made and value has been added?

3) Attempt to refinance after repairs are done. Is this possible and how likely are they to appraise it at a higher value?

4) Just pay for the repairs and use the leftover money on another deal and attempt to recover some cash from this one at a later date.

I want to free up as much money from this as possible to put into another deal but I'm not sure on the best way to go about it. Time is another factor as well since I'd like to find, purchase and rehab one other property by the end of the year.

Thanks in advance for all the help. Hopefully, I did a good job of explaining the situation.