IS THERE A TERM?! HELOC, INVESTMENT PROPERTY, PRE APPROVAL

[Josue Lopez]

BACKGROUND: I WANT TO PURCHASE A SECOND INVESTMENT HOME, I CURRENTLY DONT LIVE IN MY HOUSE I RENT IT OUT COMPLETELY (3UNITS), IVE BUILT UP ENOUGH EQUITY AND I WOULD LIKE TO USE IT.

QUESTIONS: DO I APPLY FOR A HELOC FIRST OR A PRE APPROVAL FOR A PROPERTY? CAN I DO SO SIMUTANEOUSLY?

CAN I USE A HELOC FOR A DOWN PAYMENT? IS THERE A TERM FOR THIS TYPE OF LOAN?

SHOULD I BE "LIVING" ON THIS PROPERTY TO BETTER MY CHANCES AT A HELOC? HOW DO I APPROACH IT?

REALISTICALLY I WOULD LIKE TO GET APPROVED FOR A MORTGAGE LOAN AND ALSO APPROVED FOR A HELOC ON MY CURRENT PROPERTY SO THAT I CAN ADD VALUE OR REPAIR THE "NEW" PROPERTY FOR QUICK TURNOVER/RENTAL AM I BEIGN IGNORANT OR IS THIS POSSIBLE??

THANKS!