Newby at BRRRR - would love feedback !

[Tracy Graham]

seems like investors do a separate refi after the rehab is finished and the tenant is moved in.????  

When I find a house, I look at the quick and dirty 1% rule to see if it makes sense for the area.  If so, I get my contractor to make a trip to the house to review what rehab would be needed.  I'll already have an approval letter from the bank on the asking price.  My last house scenario:

Purchase price 118,500. Rehab estimated at 15K. ARV came in at 225K. Conventional loan, 15% down. Banker said I"m clear to do other upgrades outside the rehab punch list since I have soo much equity. Will be under a construction loan - estimated rehab time is about 4 wks. Banker giving me the green light to roll into a P&I mortgage after 3 mo. I'll pull the 85%LTV of the 225 minus what is owed at that time and hold in a HELOC type account to get ready for the next deal I see. Also, I will be able to use part of this HELOC to pay off the last LOC at this bank (30k) and pay off the LOC at my other bank (25K). This would leave me with add'l 55K of LOC money to have access to. Would love to dive more into multi family. Currently only have single family in west TN and one in northeast MS.

Thoughts? Am I on track here with BRRRR?