What AM I MISSING HERE - POSSIBLE FIRST DEAL

[Joe Farruggio]

So.... my house is worth 1.3mil. and my mortgage balance is 250k... i have some equity. I've built 3 homes, and I know my way around... (these homes were for myself, my parents, and my sister).... Now.. saw a 2 family. asking $220k. probably get it for $200-$205k by writing a check from my Heloc. needs a little work. Which i can do on the cheap. after work. Should be worth $240k. I'll want to get back $ I put in when purchasing. Someone told me you can only get 70% on a cash out refi. Which leaves me with $168k of the $200k I put in, plus a rent roll of about $2300 month. $700 month taxes-$120 insurance-$954mortgage - throws off $450 month.. WHAT AM I MISSING?? cause by my calculations that's 16% on the $32k I came out of pocket. plus the repair costs... another $10k (let's not count that for now)