Understanding Cashout REFI vs. HELOC

[Will Proulx]

Hi guys, Will here, new to bigger pockets, I've learned more in the past 3 weeks about REI than I ever thought possible thanks to this site and all you experienced members willing to share info with people like me!

I have run into a mental block...I think what may be happening is I am getting a HELOC and a cash-out refinance confused..

let's say property #1 was bought for 55k via traditional 30-year ARM (primary residence) the home is then lived in, rehabbed, let's say that takes a year or so, property is appraised at 90k, a couple banks details on their websites state that they offer 65-75% LTV for cash-out refi of primary residence...says nothing about how much you owe on it, but then when I look at the details of the HELOC it's

90,000(home's value)X .9  -MINUS- amount owed on mortgage.

Essentially what I am saying is that the first option, refinancing a good deal/rehabbed property at 65% LTV then buying a rental home and getting in the game with that cash-out refi money just seems too good to be true.

SPECIFICALLY, my questions is...In your individual experiences, do cash-out refinances ALWAYS have a "less amount owed on mortgage" clause? I realize different banks and lenders offer different products, I want to know specifically the nitty gritty details of..

1) The length of time you held the property before refinancing

2) The actual refinancing deal you got 

3) How much you were actually able to pull out of the deal to fund your next property etc..

4) How quickly/slowly, AND how much equity you were able to accumulate. 

Thanks!!