Same-Day Refinance to Pull Out HELOC

[Tyler D.]

Hey folks! I'm gearing up to purchase a four-plex in my area for $192,000 with a conventional loan with 25% down and 5.25% int. This is a serious value-add property and plan to BRRRR it. Unfortunately, I don't have the cash for the down payment, so I am using a HELOC for that. My mother is lending me the HELOC and I want to refinance her funds out ASAP, so I was wondering if a same-day refinance was a thing. My lender told me that there isn't a required holding time for the prop. Can I purchase the property and refinance it immediately after closing to get her funds out?

I want to avoid purchasing the property on low down FHA because taxes, insurance, debt pay-down and private mortgage insurance is too high to hold property at current rents (negative cash flow).