What to do with a $20k HELOC???

[Charlie Ryan]

Dear All

I have a $20K HELOC that we set up when I bought my primary home. I now have the opportunity to buy a great condo for my father for $96K. Can I/ should I use the HELOC for the 20% down payment on a conventional loan? I will have guaranteed rent as it's my father which will be (moderately) cash flow positive. I could use cash as the 20% down payment but that will deplete my cash reserves or 'safety net'. Thoughts?