One a Heloc rate is much higher than a typical cash out refinance rate even if your first mortgage rate is low more than likely 3-4%.

This means the buyer has a monthly interest payment of $1250/mo for the next 36 months and would need to refinance the balance at (or before) the end of the 36 months term.

I was thinking I could cash out refinance and short term rent it.

That means you might have a refi clause but not have enough equity to refinance. 

You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

So, you would refinance into a DSCR loan if you were keeping the property type of thing.  

A fully paid off property which now should be worth at least $300K with appreciation, I can access 75% of that with a cash out refi so roughly $225K - refi costs.To me, its a no brainer to do bi-weekly IF you plan to keep the house for that long AND you do not plan to refinance (rate or cash out).

Just try it and refine it ;).

The only time you need to worry about a refinance or a "Change" in occupancy is if the loan is an FHA, VA, DPA (Down payment assistance) program, Fannie/Freddie Home style that you have lived in less than 12 months.

The plan is to come in and improve the NOI over the next 12-24 months then implement a strategic cash out refinance and move to long term permanent agency debt.