How to use fiancee's HELOC for purchase?

[Cliff T.]

Hi all,

I am closing in on a deal and will be using my fiancee's HELOC (she owns the current property we live in) to fund the entire purchase, no loan will be used. What are my options when purchasing using the HELOC under her name? I will eventually BRRR the property and will be able to pay back the HELOC in 6 months.

1. Is it possible for her to"loan" me the money without incurring any tax penalties such as the gift tax? If so, is this as simple as her drawing from the HELOC and wiring the funds into my bank account so I can complete the purchase under my name?

2. If gifting/loaning the funds to me tax-free is not an option, is it possible for her to fund the purchase with her HELOC but have the property purchased under my name? I know if we were taking out a loan this would not be possible as down payments for investment properties cannot be gifted, I'm not sure what the rules for all-cash purchases are.

Since I manage our other investment properties in the area (all under my name), I don't want to put this new property in her name as it will create additional hassle of signing a new contract with our PM, creating new accounts with the utility companies, etc.

Thanks in advance for the help!

[Aaron Hunt]

Quit being shady. Put it in her name. 

Signing a docusign + creating accts for her with gas, water, electric, takes less a miniscule amount of time in comparison to even opening a HELOC, finding investment properties, etc.

[Mike McCarthy]

As far as I know, no one will know or care what account the certified check or wire comes from. A cash purchase is basically that, no one accepts suitcases full of cash anymore, but no one will check where it came from.

Bank loans of course are MUCH more strict.

[Anthony Dooley]

@Cliff T. the way I see it, you don't have any options. SHE has all the options. Her HELOC, her investment property, her BRRR. Getting married will simplify the process, otherwise it is the same as you buying a property with my HELOC.

[Cliff T.]

Got it. Thanks for the replies!