HELOC for first flip?

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Hey BP! Looking for suggestions... 

We have around $50,000 equity in our primary residence and we've applied for a HELOC to do our first flip (our bank will allow 100% LTV). Looking for suggestions on how to use this money. Would you look for a home in the $50,000-$100,000, take out a conventional mortgage, put 20% down and use the rest for renovations? The renovations would obviously have to stay under $30,000-$40,000 depending on purchase price so the numbers have to be just right. Or would you use part of the $50,000 as a down payment and get a Fannie Mae Rehab loan? I have experience with a 203K loan and having to take out draws, etc. but I'm not as familiar with the Fannie Mae. Anyone have suggestions on how you would use the money?