If the comps pulled are selling between 280-290k and are very similar, should I be concerned with the end goal of this deal? 

As others are noting, it's important to run your numbers and would probably only recommending pulling from the HELOC for short term opportunities.

Pulling the wool over someone's eyes can happen in any relationship, is not conducive to long-term success, and should be condemned.Your original reply asked for "someone to explain to me how this model truly benefits the property owner".

@Chad Verdesorry if this comes off as negative / discouraging but rates are high so this is likely what i call expensive money.now on the other hand, if you can do a cash out refinance, pull cash out, still cash flow, AND you have a specific opportunity - fine. 

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.Happy to connect to discuss further. 

I'd hold on to your home as a rental and pull a HELOC before you move out.

Very limited searches you can pull per month.

If you enjoy the hands-on work, keep in mind that managing as a GC might pull you away from that.

However, DSCR Loans have more flexibility and levers to pull such as slapping on prepayment penalties if you are planning for long-term hold that can move rates down. 

Quote from @Alex Dixon: Ah great question - I had pulled this together to showcase some of the similar tools that sit within the same "capability".