HELOC Questions BRRR Strategy

[Carter Crowley]

Hey Everyone! 

Just want to be right upfront and say I have 0 experience with HELOC. But here are my questions and if you have anything to add please let me know! Every bit of information is appreciated

If I have a PML fund a fixer upper (Purchase and Repair) Single Family Rental am I able to pull the money back out via a HELOC if the house appraises out for the right value to pay the PML back?

Let me know the PROs and CONs of this strategy or any experience you have had with it!