How do I get my HELOC Money back out?

[Gerald Joyce]

My wife and I are looking to buy some rental property. We have a home equity line of credit that we could use for a down payment. Our idea was that after the purchase we could refinance and take our HELOC money out to pay it back to our HELOC lender. However, I'm not so sure that I can do that easily without a bunch of caveats and gotchas. For instance, if we bought a property for $160k and put down $32k, could we refinance the rental property at a later date for the entire $160k, so that we could get our HELOC money back and repay the HELOC lender? We have never done this before and if someone could please give us an overview I would be very thankful.