BRRRR Cash Out Refi-Pay off HELOC

[Travis Juntti]

I've been searching for a potential BRRRR property in Metro Detroit. My buy option would be my HELOC which is on our primary residence. Currently it is at roughly 87k and 90% LTV. They offer up to 100% LTV which I'm going for now to have that extra cash available if necessary. If I recall the difference would be 4.25% @ 100% instead of 3.25 @ 90%, interest only.

My question is, will I run into issues trying to do a cash out refinance if I purchased a property with HELOC and I used up most of the 90 or 100% available to me? I'm thinking I would since I have the mortgage on personal and 90-100% used in HELOC. Could be leveraged too high? I suppose this also depends greatly on income coming in. I am a full time Realtor with more than 2 years tax returns.

Any thoughts? Should I not go for the 100% LTV? I do have cash available to use for rehab