BRRRR but buy with mortgage?

[Shawn Banzer]

I am just about to close on the refi on my first traditional BRRRR. I am looking at another one. This one is 3 units and it is REO, been on the market 110 days. If I buy the property with bank financing, rehab it, then could I pull a heloc out on the property and essentially achieve the same thing as traditional BRRRR? Or am I missing something. Thanks!