Using a HELOC for a rehab then doing a refinance

[Phillip Gomez]

Hello BP community, quick question. I own a three unit property that I paid for in cash, two of the units were gutted and rehabbed in 2014 and I'm currently in the process of doing a renovation on the third unit that was already gutted when I bought it. Is it wise to take out a HELOC out on the property to finish up the reno, then once it is all stable with a renter could I do a cash out refi and pay back the HELOC and pull my initial money out? Has anyone else done something like this or is this a terrible idea?