Should I HELOC or NO HELOC?

[Steven P Daugherty]

I'm looking at getting my 2nd deal which would be my first multi-family unit. We found a market that fits our criteria - side by side du-quadplex at <$200k. To finance this property, I was going to do a HELOC on my primary residence in NC. The market we want to invest in is out of state. I was thinking about talking to a local bank here on performing a HELOC than working with a lender in the market I'm looking to invest in. I don't have a lot of initial capital of my own, so I would need the terms to make sure that I don't have to start paying back right away.

Any terms and conditions I should be looking for in the HELOC? Any tips in this type of scenario? Anything I should be aware of if I did this?

Thank you in advance!