BRRRR Refinance on a Condo

[Thomas Ferreira Jr.]

I found a Condo that will Cashflow pretty well using HELOC funds as a downpayment. I went with a HELOC (as opposed to a Home Equity Loan) so I had money available that I wasn't paying on each month. However, the financing on the HELOC bites into my cash flow. I'm currently looking into a Condo from Craigslist which appears undervalued. I've read that financing can be difficult when attempting to finance a Condo w/ a traditional 30 year mortgage.

I'm using PenFed for my HELOC, which has been an excellent experience. I'm wondering if anyone has ever done BRRRR on a Condo using Heloc for a downpayment on a tradition mortgage, then refinancing to get the HELOC money back out of the deal. I had originally planned on using this method for single/multi families. Not sure if it is still an option now that I'm considering a Condo.

Thoughts? Experiences?