Line of Credit on Investment Property

[Jameson Gowin]

Trying to get my head wrapped around the "line of credit" on a rental property. I found a bank that would do a LOC on a paid for rental property. My thought was to have a LOC just as "available" funds vs cash out refinancing the property. 1% org and $450 to close to obtain a LOC? Is this a strategy commonly used just to have some back up resources, if needed to fund rehabs/cash offers instead of using all or most of my personal cash reserves. The plan would be to pay that money back into the LOC before the draw ends, but depleting our resources is what is keeping us from moving forward on other properties. Any insight would be helpful..Thanks BP..