Planning on purchasing my first rental property with a HELOC...

[Margaret Baron]

I would be very new to this industry and business on real estate investing. I came to the conclusion after watching multiple online tutorials, that I would grab the equity out of my primary residence to purchase a rental property. I have a few of questions:

1. When purchasing a rental property with a HELOC, should it have to be bought outright? Like if my HELOC were $100K, I would have to only purchase a home under that amount?

2. When the HELOC is being paid off, is that line credit purposeful for anything else other than home upgrades?

3. Who are the best lenders for HELOCS