Open-End Home Equity Line of Credit vs Closed-End

[Dave Johnson]

This is my first post, after listening to endless podcasts, audiobooks and the like we've decided to start our pursuit of some rental income. Our current home is mortgage free, and we would like to leverage some of the equity for the purchase of rental properties.   Since this  will be our first venture into this, I don't want to go into it without properly accessing the numbers. Our plan isn't to use go in heavy on the equity lone, but just to start things with 20% down and minor fixes.  In your opinion, which loan would be best, Open-Ended or Closed?  Brief explanation please.  I appreciate the info and look forward to increasing my knowledge as we move forward.  Thanks