Can I get a HELOC on a property I just purchased?

[Brad E.]

Hi all 

I was wondering if it is possible/advisable to get a HELOC on a property immediately after purchasing it?

What I was thinking about doing is taking out the HELOC in order to make some improvements to the property using OPM and hang on to my cash.

Given that I am putting down 25% on the property it seems like I would have enough equity to get a HELOC but I'm not up to speed on how HELOCs work.

If there is a better option to accomplish the same goal that you can suggest I would love to hear it.  Thanks!