Should I roll current Primary MOrtgage into HELOC?

[Robert Brown]

SO!!
my SFH rental likely has a solid $50K+ Available in equity...

( $100K+ value / 28K owed @ 2.75% / assume 80% LtV)

I cannot find a lender that will do a HELOC on an investment property.. I'd like a HELOC as a psuedo emergency fund and/or to help with a larger DP on future properties

I have the $28K in cash but it's my D.P. account for my next property.

one Idea is to Pull a $80K HELOC... and toss my cash at it

( or more than likely pay off the primary, then refi the paid off home with a HELOC)

Thus giving me the entire $80K as a credit line....

if i pull... $40K out for a duplex DP I could likely replenish in < 12 months (if the property doesnt need further funds)

Thoughts?