Using A HELOC to buy new rental property

[Omar Saucedo Cortes]

Hello Everyone,

As I have mentioned before, I was forced to “voluntarily “ leave the country 6 months ago for immigration purposes.  My family moved in with my in-laws and we are currently renting our home.  I’m in Mexico while I go through the process of becoming a resident.

I have been reading books, Rich Dad Poor Dad, Richest Man of Babylon, Secrets of the Millionaire Mind among others, I have also been watching regular BP seminars and videos on YouTube.  

I’m really determined to buy a 2nd property as soon as I get back while still living with my in-laws or possibly doing a owner occupied multi family property.  

What would be the best approach to doing that in Utah?? Interest rates are rapidly increasing and home prices don't seem to be coming down any time soon. I look at properties every day through Utahshortsale.com and the options to make a "deal" that would make sense or nonexistent. Would it be a good idea to use a HELOC for the down payment of a new property even if it doesn't cash flow say it breaks even???? Why or why not??? If we were to buy a house to live in we would be paying for the mortgage anyway? What are your suggestions or advice?
My knowledge right now is minimal so I’m asking a lot of what may seem like stupid questions, all feedback is greatly appreciated!!!!