Possible second and third deal, heres my plan, please analyze

[Tyler Dunlap]

So I currently own one SFH which is rented. Heres my plan for the second/potential third:

I have the opportunity to buy a SFH (currently rented) for $105k that has been appraised at $120k. I want to take out a hard money loan for $105k to buy the place, and then pay a 15k lump down on the mortgage so I will have 25% equity on the house. I then intend to refinance the property into a conventional investment loan to pay back the hard money loan. Once the house has been refinanced, I want to take out a HELOC so I can put a down payment on another (third) house.

What do you think of this plan?  Good/bad?  Anything I should add/remove/consider?  

Any help is greatly appreciated!