Using brother's HELOC to buy a property in cash, then DFE REFI

[Alexander Jones]

Hey all,

I'm currently looking to purchase my first property OOS for 100-150k. The great deals that have been coming to me are getting swooped lightning fast, so I'm wondering if offering on all cash terms would help give me an edge. I have enough to secure a conventional mortgage with 20% down, but recently a family member took out a HELOC on their house and said I may use a portion of that to pay for a property in cash, then refi that property as soon as possible to pay him pack.

I'm relatively new to the real estate thing in general so apologize in advance for my ignorance, but I'd like to know:

-What are the potential complications I'd run into in this scenario? I'm sure there are a multitude I'm unaware of. 

-What dictates the percentage of the purchase price I'm allowed to pull out of the house immediately?  How likely would I be able to pull out 100% of the purchase price (or perhaps I should be asking 100% of the appraised value).  

-Am I getting into any other miscellaneous tax related implications by receiving 100-150k from someone else to buy the property?

Thanks in advance BP!