Loan question

[Robert Dobbins]

Is it possible/logical - buy a home - example $50k - use traditional financing requiring %20 down. As soon as closing settles refinance with a heloc pulling out additional funds. Attempting to use traditional lender but obviously will not be able to get a loan for 80% ARV. The ARV for this home is assumed to be $120k.

I only have enough capital to pay for the down payment or the needed repairs(approx. $10k) - If I secure financing then I could 20-30k out.

One suggestion would be use a private money lender - this is a buy and hold - I assume pml is for flipping. Thanks for any thoughts!