How to use a $250K HELOC to buy and hold

[Amul Sutaria]

Hi,

My family member has a 250K HELOC that they are allowing me to use to invest in real estate. Would it be in my interest to use it to buy, say, a $200,000 property in cash, and then immediately refinance? I would want to buy and hold, or BRRRR. Do people do this kind of thing? I'm not so familiar what the steps are to do that, or the detailed mechanics.
I'm looking to cash flow $150-$200.  My realtor says that's pretty doable more west than Northern NJ and also in parts of South Jersey.