Financing the first deal

[Matt Hudson]

Hello BP Brain Trust,

I'm working towards buying my first property which I hope to BRRRR. We're about to open up a HELOC on our primary residence as we have conservatively $200k in the property. We were hoping to use the HELOC to purchase the property then cash out refinance to the ARV with a conventional loan. Hopefully this will allow us to pay back the HELOC and repeat the same process.

My wife is a W2 wage earner and I am 1.5 years self employed (yeah I know) though our adjusted gross income is decent, credit score is good, DTI is good I'm still concerned I'm missing something. Particularly about the refinancing. My main concern is getting approved to refinance with a large balance in a HELOC.

Outside of arguably the most important step of finding the deal, is there any financing concerns I should have? Are there any loopholes or creative financing alternatives I should consider?

I appreciate y'alls help in advance,

Matt Hudson