LOC and Refinance

[Nathan Gruetzmacher]

Hello Bigger Pockets! 

I have a question for all of you guys and the infinite wisdom that people seem to have on here. I love gaining knowledge from reading these forums and learning from them. I have a question that I have not yet found the answer to. I am looking really hard for my first rental property, and I am trying to pinpoint the most appropriate and efficient way to acquire this property, and then rent it, without spending a lot of my own money. I have about $14,000 in savings from 6 months, but wish not to use it because I also have $22,000 in student debt that I have to start paying off. 

That is why I am seeking an answer to the following question:

If I find a foreclosure, pre-foreclosure, or any great deal on a home that has a market value that is worth much more than the purchase price, can I use a LOC to put a down payment on a conventional loan, and then soon after refinance that home in order to zero out my LOC? I look forward to hearing the input you guys have!

Thanks, 

Nathan