Line of credit financing with refi

[Kelly Buchanan]

Hi Community, wondering if this is a feasible idea for financing my first buy and hold deal.  My husband and I own his office building outright, worth about $150,000.  Is it possible to obtain a line of credit on this building to use for a cash purchase and repair of a single or multi-family house?  Could we then obtain a conventional mortgage on the new property to pay back the line of credit?  How long would we have to wait to do this?  I would appreciate any discussion of this idea.