Is HELOC a Smart choice for Down Payment on New Investment Prop?

[Casey Spence]

Hello,

I'm a Realtor and also New Investor. My Wife and I have a HELOC for 80K to invest in a Rental Investment Property. We live in the BOISE market and have see Home prices Climb Steadily as well as record move-ins to the area. Home prices are climbing at a faster rate than local income levels; thus requiring locals to rent.

Here is my delima:

We want to eventually keep our current home as a rental, and buy another house for our family elsewhere. Our current home's set up as a Duplex and we have have a renter on the other side of our Home who pays $1000/Mo. We want to use the HELOC on this home as a down payment on a new rental investment and quickly fill it with renters to make the mortgage on the 2nd property.

Here is my question: 

After taking these steps and having 2 rental home with rents coming in, would a lender still be willing to loan on a New Personal Mortgage for our personal residence (home #3)?