HELOC on your primary residence?

[Vincent Plant]

Hello all, What are your thoughts on this: Our primary residence is currently worth approx $250k. We currently owe $170k. We are looking to explore the option of using a home equity line of credit to fund our next real estate flip purchase. Only problem, I’m not really sure how the HELOC works. Can someone do us a favor and summarize how this procedure would look from start to finish, and using the #s provided if this statetgy is even worth it?