Does a HML for a 100K Buy and Hold make sense?

[Leo Gonzalez]

I invest in upstate NY where the listing prices for decent small multifamily properties hovers around 100k give or take. In my current situation I only have the ability to do one deal per year so I'm exploring the idea of using a HML to buy properties quickly and at a deeper discount. As I understand it banks tend to look for 6 months of seasoning prior to refinancing. With the rent covering interest only payments on this kind of loan, I would only have to cover minimal repairs to get units rent ready (prior to getting them occupied if they are not already). I understand this is essentially the BRRRR strategy but with less of an emphasis on the Rehab portion.

Is this a sound strategy if I have the disposable income to cover vacancy periods & repairs? 

Also has anyone been successful in making (65-70% of market value) offers that will be backed by HML?