The process of a HELOC

[Michael Spence]

Hey BP,

I'm truly trying to get a firm grasp on how a HELOC works. My wife and I are currently considering taking one out on the property we live in to purchase our first rental property. The problem is I'm still unsure of how it all comes together. Is there someone whose gone through this process actually lay it out for us? Any pitfalls to look for? Etc.

Thanks BP