It's probably 300k maximum for the combination of 3 and I have to get them re-appraised.

@Eric J Nelson The appraisal was a bit disappointing.

Refinances, it is more obvious as there will be modifications to the property that are evident on the appraisal.

Some, like the last one we got in place, used a drive by estimate of value rather than a full interior appraisal.  

It depends on what the property appraises for in 24 months,  if you will be able to get home owner's insurance, if lenders are lending and so on.

And they take a cut along the entire way - they sell you the house that they have rehabbed and are selling at appraisal value - (making commission plus flipping profits), they lease the house for you (take a management fee), they repair (take a %), when you sell (there they are taking another percentage).

We also run numbers to avoid lost money on blindly paying for an appraisal to find out its a dead deal or of no benefit.

If you can purchase this home with private money or seller financing and get a $110k loan, then you could do a rate/term refi right after so do a 90 or 120 day note to secure the property and get it in your name, then refi into long term debt using the full appraised value. 

Ended up putting $15k into the property plus an ADU and had it appraised in 8 months for $275K.

It is also important to consider the transactional fees associated with originating the HELOC, whether an appraisal is required etc.