Still have to wait at least 90 days seasoning in order to obtain cash out.

Generally a HELOC is second position and might have seasoning requirements (ownership of 3-6+ mos) you would need sufficient equity to essentially 'recapture' your down payment. 

You could do delayed purchase financing, this would allow you to refi without the seasoning but you would only be able to pull out 80% of what you paid + 80% of your completed rehab.

Four predominantly Western markets saw homes spend more time on the market than typical 2017 to 2019 pre-pandemic timing: Portland (+6 days), Denver (+5 days), Kansas City (+2 days), and Seattle (+2 days).The median list price remained stable compared with last May, but the price per square foot continues to riseThe national median list price continued to increase seasonally, to $442,500 in May compared with $430,000 in April, and the median list price remained relatively stable compared with the same time last year, when it was $441,000.

I'm not a lender nor am I a seasoned investor.

Weekly mowing in growing season, monthly mowing in winter + fall cleanup averaged out to be almost $300/mo for us.

Which is why I was surprised to receive this response: "That would be a good question for your CPA" when I asked a simple question this tax season.

Its all fine when it all works but there is no way you can have perfection of 15k deals and not have some warts and some bad ones were the players just go dark and walk away which causes the underlying lender into a foreclosure.

A big difference is that their season is year round (and if anything, this is the low season right now) whereas I'm assuming Galveston is a ~6 month season with only 2-3 months of really peak rates.But I agree it's doubtful the properties are cash flowing at current prices/rates. 

Even a seasoned investor like @tom is saying it's a lot.