HELOC to get another property for cash?

[Mary Spalding]

Hi All, fairly new member here. I have searched, but have not found specifics recently that would address this issue. We are in the midst of purchasing our 3rd rental. It is a REO. We are purchasing it at 60% ARV, so am wondering if anyone regularly gets HELOC to buy something with the HELOC $?
Then start flipping the one purchased with the HELOC monies. We would keep the 3 rentals we have now for long term growth, but am thinking of moving into the flipping arena with this idea.

Thoughts?