HELOC against a rental property?

[Bryan Cork]

I have a SFR rental property that I own free and clear. I’ve had if for just over two years and and have had good experiences so far with being a landlord. Now, I would like to take another step into REI and go after my first fix and flip deal. So I though that a HELOC against my rental would be an easy money stream and the perfect way to purchase a property and incrementally pay for the rehab. The only problem is.........no one wants to touch it! I’ve contacted approximately 4 different lenders and they all say that HELOC’s are for primary residences only. Does this sound reasonable and accurate? Am I trying to do something that can’t be done?