One alternative for larger and longer term equity liens are DSCR cash out refinances.

Continue acquiring properties in promising markets to build your portfolio while keeping an eye on interest rates to potentially refinance your high-interest loan for better cash flow.Save capital to maintain liquidity, allowing you to act quickly when market conditions improve or unexpected expenses arise.

Have you thought about doing a cash-out refinance instead?

I would like to re-finance into long term debt once the project is finished using a DSCR type loan.

I’ll take  a year or so to refinance those into a long term loan and then use their funds for a different property.

@Nick LongI think you're overcomplicating this... if it's a fixer, once it's rehabbed, just refinance it into either a conventional investment loan, or a DSCR loan.DSCR loans don't have the 12-month clock - you can usually refinance 90-180 days after purchase.  

Not sure if I should move it first or refinance first. 

You buy a first property, and when you refinance to get equity out you're effectively borrowing the money for the downpayment and paying interest on it.  

A conventional mortgage will most likely have a due on sale clause and require a refinance to a commercial loan once you transfer it ot an LLC.

Purchase price: $119,000 Cash invested: $200,000 This is maybe a new Category: BRRRRSR Buy Renovate, Rent, Refinance, Repeat, Sell, Repeat.