Seeking BRRRR + HouseHack Advice

[Patrick Gill]

Brand new to this so bare with me...Looking at a duplex, which would be my primary residence, that needs a lot of work. Thinking I can definitely get it for 230k. Estimating about 30k in rehab cost, and hoping it will appraise between 290k-310k after all said and done. 

I know many investors use hard money lenders for their rehab costs, but I plan to take out a $30,000 line of credit with my local bank. I'm having a tough time wrapping my head around paying my local bank back with the cash-out refi...correct me if I'm wrong here but, step by step, the way I understand it is this:

Purchase Price 230k

Rehab 30k (paid for w/ local bank credit line)

ARV 300k

Refi after 1 year looks like: ARV-Value owed on initial loan= EQUITY?

Take out 30k of equity to pay back line of credit?

Use remaining equity to possibly fund next deal?

Is this accurate? I get a bit discombobulated once the refi process begins