Can i use HELOC to buy a fixer and then convert to 30 year loan?

[Lenny B.]

Hello everyone,

I am thinking of using a HELOC on my primary residence to buy a duplex in Sacramento. The property is a fixer and a probate sale, so has too be a cash with no contingency offer, hence the need to use HELOC. However, I am not planning on flipping the property, I want to buy, remodel and hold it to rent out.
My question is whether it's possible to convert the balance on the HELOC to a mortgage on the fixed duplex, instead of adding the balance to my primary residence.

thanks.

lenny