How soon can i refi a hard money loan to conventional?

[Brett Lee]

I am looking to purchase a house for 280k that will resell for 380k+ in this market after some updates. I have 2 options to purchase. 1. Pull heloc out of another property to put 25% down(about 70k). 2. Option 2 is buy with hard money loan and rehab to flip or refi and rent out(it would rent for $2000+). Which option would you do? Also, if i buy with hard money how soon would i be able to refinance if i want to hold the property and rent it out? Any advice would be greatly appreciated!