Plans are now to refinance out and start saving for the next deal.

I really like the idea of doing a BRRRR and I was thinking of using a HELOC on my current home to finance the down payment and the rehab, then pulling out as much as I can in a refinance to pay my HELOC off. 

If you plan to hold the next house for the long haul, I would avoid a HELOC and look into a cash out refinance.

Now the questions I have is what to do with the property:Option 1: Flip and sell it right away after the rehab is completed in a few weeksThen at this point, I would have spent:Total cost = $165k (cost of property) + $77k (cost of rehab) + $15k (closing cost buy & selling fees) + $6k (holding costs 4 months) = $263kSelling price = $290kProfit = $27k*Holding cost for 4 months = $4,192 + $1,900 (includes mortgage 4 months, utilities and taxes)What concerns me a little bit is that I am in a high tax bracket so I will have to pay quite a lot of taxes + short-term capital gain.Option 2: Rent and holdLoan monthly payment at 9.24%  = $1,640/monthI would then cash-out refinance.

.- Do a cash out refinance on the current mortgage to have some cash in hand in case I couldn't find the tenant sooner?

I don't see why it separates the P&I for the initial mortgage and then the refinance under the refinance tab.

I have two rentals that I would like to refinance and make into 1.

So that way you can REFINANCE and get the money you put into the property back out and do it again. 

View report*This link comes directly from our calculators, based on information input by the member who posted.Hi, I am looking at finding the best location in LA to buy a fixer upper to hold as rental for students by a cal state or LACCD college like LAVC in the Valley area, to then refinance and repeat. 

How are you guys calculating your cash on cash return after you cash out refinance once or twice.