Experience using HELOCs?

[Christopher Yates]

I have been reading up on HELOCs and using them in REI. Does anyone have experience converting the mortgage on your primary residence to a HELOC and then using that to fund your deals? Supposedly by doing this you can pay off your residence in 5-7 years while investing. Are there any tax ramifications or red flags that I should know about?

I appreciate any feedback and have a blessed Easter!