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!

[Austin Steed]

You would have to wait to have enough equity in the home to do a cash out refinance. Cash out refis come with slightly higer interest rates and loan costs with them. 

I really like using a HELOC as an operating account. Something like a BRRR or a flip. Hard to make the numbers work to buy an investment with 100% debt (25% heloc and 75% bank financing)