HELOC on Parent’s Home

[Thomas Smith]

Hi Everyone, if a property gets gifted to me (tax consequences aside) from my parents and the title transfers to me, do I need to have it “season” or wait a certain amount of time before I can get a HELOC on the property? My parents have 400k of equity (paid off) in the property and I’d like to utilize the equity as a down payment for a rental property. Thanks, Thomas

[Thomas Smith]

Dave, it’s not my primary residence. Thanks for the tip.