HELOC options using investment property owned together with Father

[Frank C.]

Hello everyone,

My name is Frank, I am looking for a creative way to find financing for a down payment to purchase a rental property to hopefully grow my portfolio. I currently own 1 two family house in Perth Amboy, NJ that I purchased many years ago together with my father. The house is currently occupied by my Parents with the 2nd apartment rented. I now live in a single family home with my wife and kids. I'm looking open a HELOC on the two famiy house and hopefully use that for a down payment on another multi family house. Facts about the two family is the Deed is under me and my Father and after a ReFi the mortgage is now only under my fathers name.

My plan is to get a HELOC under the two family house and have the HELOC only under my name.

Dose anyone know if this is possible under my situation and if so does anyone recommend any specific bank or lender to accomplish this plan?

I hope I explained things correctly, I didn't handle my first investment the best of ways and I'm trying to get started on doing it the right way now going forward and feel like the HELOC is my only option to get started.

I thank you guys in advance for your help and advice!