LOC on primary to finance investment?

[Lori Freda]

Looking to take out a LOC on our primary residence to invest in a multi-unit. The equity in the home has been created by renovations that currently do not match what is listed on the MLS...if you get what I'm sayin'. We're trying not to advertise the upgrades we've done because it will skyrocket our taxes, but we'd also like to tap into the added value. Will this be a problem with an appraiser or the bank? Or are we ok because it's just a LOC and not a sale/re-fi?

We also have a good bit of equity in a an investment property up north, but we'd have to do a cash-out re-fi on that property and it has already been re-fi'd twice in the past 6 years. It's a cash cow on a 15 year note with a great interest rate so we'd really like to leave it alone if possible. Are we making the right decision by trying to utilizing the equity in our primary or going about this all wrong?

Thanks in advance for your input!