Creative Financing Strategy - Am I missing sometihng?

[Eric Killian]

Trying to learn more about the HELOC strategy but might be missing something. Say I use a HELOC on primary residence to purchase a rental investment property all in cash so the equity is 100% in the investment property. I then say later I do a cash out refi to take cash out to pay off HELOC and then get a mortgage on the property. Is this possible or am I thinking about it wrong? Am I missing something? Or is it that easy? Thanks, Eric