Heloc to buy a turn key rental??

[CJ Shade]

If I use a HELOC on my primary residence (in California) to purchase a turn key long term rental out of state (example Charleston ,SC), and I put the min %25 down, how would I be able to refinance to pull the money out and then pay back the HELOC to avoid paying too much in variable interest while still retaining the necessary equity in the home? I feel like I am missing something on this strategy and would appreciate a seasoned vet to walk me through it.

Thanks in advance!