Have parents take home equity on their home to finance rentals?

[Jon Borowski]

Hi everyone.  I'm thinking of approaching my parents with the following scenario.  I have a feeling they would be okay with it due to my work ethic.

I live in the NY Metro area and want to get into real estate investing.

My income is around $70k, but is guaranteed to jump to around $110k-125k in two years.

My parents are retired and have a home in Pennsylvania with a value of $150k that is 100% paid off for many years now.  I am contemplating approaching them to take out a home equity loan of 75% of the value of their home which would be about $110k, and to use that money to start-up my real estate investing career.  

The goal is to purchase two multi-family homes with the $100k, one with a 20% down payment and another with a 5% down payment thru the FHA which I will live in.

Would anyone consider this a good or bad idea?