Loans typically get paid back on a refinance or buy out period but if the property fails to gain enough equity within that period of time it can be a lost deal and painful.I would advise you to look into traditional or Non/QM financing where you use your credit score or income to buy the home.

fix it up while you live there, refinance it, turn into a rental, and do it again. 

So I’m hoping that after a little while I could refinance again for lower rates and hopefully have more cash flow.

Looking to purchase property and build then refinance after a 2 year period. 

Is it a good idea to take out a Heloc to do the renovation, then refinance after hoping that the renovation added a decent amount of equity to the property?

Rent it out and refinance.

The real goal is capital gain, and future cash out refinance.

I could also pay down the HELOC over time for lower monthly payments as time goes on (and subsequentially increasing the cash flow but also the equity I have stuck in the property).The downside is uncertainty about how long I'll need to wait for a better market, and the HELOC being tied up until I can sell or refinance.

My original plan was to cash out refinance at the end of the project but we need additional funds to finish like I previously stated.  

As I’ll need to refinance in the next few weeks, any lending packages I can leverage?