Hard/Private money lender's are useful for limiting the amount of YOUR that you'll burn in a deal.

So by the time I close, I’m already out of that limitation.

Your lender may have limitations on how much you can take out. 

@Jordan Moorhead, unfortunately, the financed amount exceeds the FHA loan limit for this property so not eligible for 203k.

A HELOC is essentially a high limit credit card that you pay yourself interest on.

Fleischer V Commission is one of several tax court cases, that limits personal service businesses (real estate agents, insurance sales man, accountants, architects, etc) from using an s-corp structure, because the services provided are by an actual individual and not provided from a corporation. 

But since there is a limit to how much money the bank has access to....their rate will be higher...and usually a shorter term.

Housing is really expensive and limited in the nearby area.

There are also plenty of places that have caps - let's say the sales price is 50% higher, and the county might even want to raise the property taxes by 50%, but there might be a law in place that limits them to raising property taxes 10%/year.Lots of people do what you're talking about, especially commercial real estate and mortgage brokers.

It sounds like you are on the edge of that time limit, so it will come down to actual days to consider.