Should I refi a new purchase once seasoned?

[Scott P.]

This is my first purchase.  It's awesome and has been a ton of work and investment so far.  So here is the question... Should I refi in 4 months (or pull out the rest of the equity with a second) to pay off most or all of my heloc?

Here is the property background

Property - pair of 8 unit brick buildings (16 units total)  Purchase price $490,000

14 two bedroom, 2 one bedroom, one coin-op washer and dryer per building

Needed - Roof (and 92 sheets of plywood) as well as properly running ducts from the stove to prevent premature failure of roof again ($40,000)

Needed - Landscaping to properly grade around buildings to prevent future water damage and to remove two unsightly mounds of dirt left by previous owner (to come into compliance with the city) ($3700)

Bummer - washing machine was working great, and the bearing went out.  Bought a new break too...learned how to fix it myself ($200)

Painting three newly empty units (bought full, but... half the leases were up at purchase)

Management company 10% (glad to have them, as this is my first purchase)

Putting in a sidewalk, as the previous owner ripped out the old one to the laundry ($400)

That being said..... I've had the property now for only 2.5 months. What a great, exciting learning curve. I financed 75% with a commercial loan, pulled $130,000 from my personal home HELOC and paid cash from savings (and some ROTH money that was in for more than 5 years). The HELOC and personal cash (as well as currently collected rents) were used to pay the downpayment and the needed repairs.

ARV - $680,000

Listening to one of the BP podcasts while painting and digging the sidewalk today, the mentioned something about people new to property investing being sorry that they didn't buy with an equity position the first time. That being said, though I've used nearly every last scrap of easily accessible savings to pull this off, I believe I bought well. However, I did create a $130,000 HELOC...so does that mean that I didn't buy well? And, I was planning on either a refi or second mortgage to that my primary residence isn't leveraged. This would make the deal nearly zero dollars down (after the first 6 months). That sounds good in principal, but is there any reason not roll the HELOC?