Using PR HELOC for Down Payment on Investment Property

[Joseph Jackson]

Hello all.

Was hoping to get some people to share their experiences with doing this.  I have secured a $30k line of credit against my primary residence, primarily to be used for investment opportunities.  Ideally, I'd want to use this amount to cover the down payment requirements on an investment property.  

My question is do lenders ever push back on allowing a line of credit as the source for the down payment?  Brandon Turner mentioned this in his book as a way of securing financing without using your own checking/savings. 

If a lender will allow you to use these funds for the down payment, are there any other parameters that need to be met?  I have read that some may require the funds used for down payment to be accounted for in separate accounts for a period of time.  Is this commonplace, am I totally off, or any others thoughts?

Thanks!