What Heloc strategy is best?

[Dennis Meyer]

BP Community,

First time posting to the community. I am a new investor and I am in the process of purchasing a property with my Heloc (7.75% fixed for 60 mo). The property is $105,000. With expenses and minor rehab I look to be all in $115,000. Which would be the entirety of my Heloc.

my goal is to refinance 6-12 months to pay off heloc, but the property I'm purchasing I don't believe will appraise above 130k at the time I want to refi. Which would leave a balance on the heloc for me to pay off. I would use profits from rents to pay down as I project a yearly COC return of 12k.

My question is, would it be wiser to just use heloc for down payment on property and finance the rest of it with a lender? Then just use profits to pay off heloc in this manner?