Home Equity Line of Credit and Cash on Cash Return

[Daniel Highsmith]

I recently got a HELOC since I'm looking to by a good deal fast when I find it. After reading some BP articles and posts about analyzing deals, I usually make the good/bad deal decision based on the Cash on Cash Return. I've been looking at deals based on a 30 year mortgage loan with 20% down. I get my Cash on Cash Return percentage based on the down payment plus any repairs I have to find. But, with a HELOC I'm not putting any money down. What's the best way to analyze a HELOC loan deal?