Refinance, then HELOC for BRRR?

[Todd Fithian]

Hey BP,

So I'm curious of your opinions on what route to take with my primary residence, which also happens to be a Duplex that has one unit currently rented, and the other occupied by myself. Heres a quick rundown of the property; I bought it with a FHA loan a little over 6 months ago and have had the same tenants in the other unit since we bought it 6 months ago. Our rate is 4.2% and I would like to purely refinance that down to a lower rate, just so the monthly payments are lower, all the while refinancing it into a conventional 30 yr. Then, at some point, assuming in another 6+ months, to take a HELOC out on the same property so I can further my Real estate investing. Luckily being in Southern California my property is increasing in value at a pretty rapid rate so Im assuming a HELOC in 6-9 months from now might be a good strategy. My question for you great people is, does this sound like a feasible strategy? I only ask because I have yet to ever go through a refinance, or a HELOC, so Im not sure of the time lines they take, or if theres rules that prevents one from another etc etc. Anyways, I HUGELY appreciate your input! Thanks!