Using HELOC to Kickstart REI Journey? - Advice Please!

[Rob Sawyer]

I'm getting a HELOC on a paid off vacation home I 50/50 co-own with an elderly, health-compromised relative whose credit is MUCH better than mine currently and plan to use the proceeds to completely pay off higher interest debt as well as acquire my first property or two. Looking at a $200K line against a $300K lakefront property.

What structure (draw vs repay term, etc.) and recommendations would you make regarding how best to get in place as well as pitfalls and lesser known opportunities should I know about as I move forward with this plan?

Thanks in advance for your help and interest in guiding me.