Heloc to renovate then cash out refi. Good idea?

[Tiffany Makiya]

I would like to pull out some equity from my primary property so I can start investing in real estate, but my house is in need of some renovation. Is it a good idea to take out a Heloc to do the renovation, then refinance after hoping that the renovation added a decent amount of equity to the property? My estimated property value is $1,300,0000. Remaining balance $400,000. Estimated cost of renovation $300,000. Any advice would be appreciated.