how to proceed with a purchase

[Vishal D.]

Hello...long time reader...first time poster..
I'm considering purchasing a 2 bd condo in Jersey City New Jersey and I'm looking for the best way to finance it.

I currently own a 3 family apartment building in Brooklyn NY with about ~280k left on a 323k mortgage. The place is assessed by the city for 550k+ I'm thinking about taking a HELOC and using the money as a down payment on the condo and using some of the money to purchase a REO or a foreclosure property that should be less than 50k in an area not too far from me. What would be a reasonable amount ($ amount I can get and rate) to expect from the HELOC? My credit is great and so is my income from work....

Thoughts/advice?