Understanding Helocs and how to use them

[Juan Alvarez]

Just finished listening to new BP rookie podcast and the heloc strategy caught my attention. I currently qualify for an FHA loan for around 225k. It was not mentioned to my lender that the title for my parents home is under my name, mortgage free. I didn't pay for it, just passed down to me. My family currently still lives there. It's an older home that needs renovation but it seems like a have a goldmine and I didn't even know it? Can acquiring a heloc Help me with my FHA loan or are helocs more used when flipping/ brrrr strategy?

I would like to get more information on helocs and how they work. What book/podcast do you guys recommend that gives a detailed explanation on helocs and how to use them.

Thank you all.