Refinance new build and take out an equity line

[Jonathan Z.]

My partner and I have recently decided to hold a new build that we were originally planning on flipping. Our plan is to refinance the property and leverage the equity (and also take out an equity line to use like cash) to fund future investments. We are concerned that we are overlooking something important in our strategy because it just seems too easy and obvious....

Besides the monthly payments back to the equity line if we do use it, say for a cash purchase, are there other fees, restrictions or downsides to having or using and equity line on a property?  

It is a two Family 3bed/2bath + 2bed/1bath split in an up in coming suburb of Boston, MA.

We have not gone through the refinance or equity line processes before. Any advice or things to consider from those who have?  We assume that it varies but how much time does it generally take to refinance and get an equity line in place?

Thanks!