However, this is not a cash out refi.Cash out refi is when you refinance an existing loan, with another one (i.e replace the loan) where there is enough money left over at the end of the process where you can put some proceeds in your pocket.When it comes to your strategy - just make sure you're being conservative with your numbers on the purchase / rehab if you don't plan on using other proceeds to payoff the HELOC. 

The Oklahoma market is a great market, we are a very conservative state when it comes to Real Estate.

We have been working to be extremely conservative with our estimates but with this being our first go at this, any additional expertise is greatly appreciated! 

Reassess your repair estimates and see if you're being overly conservative.2.

Based on most of the work I do with HMLs/PMLs on behalf of my clients, 12% at 70% LTC seems a bit more conservative.

And your central point I think, is to use conservative numbers so the deal still makes sense even in the worst case scenario.

You will need to be ultra conservative on your numbers and have multiple exits.

My approach is conservative and focused on finding properties that meet specific criteria to ensure solid returns.If you’re interested in multifamily investing and would like to explore potential partnership opportunities, feel free to reach out!

Home Appreciation: You’ve estimated a 2% annual appreciation rate, which I feel is quite conservative.

on second thought your numbers are fairly conservative.