Getting HELOC for flipping -- interest only?

[Tim Anderson]

I've decided to get a HELOC for my first flip. House I'm looking at is 70k ARV, 33k list, 3-5k repairs. You could really get away with doing nothing, but I'd like to do some light staging and minor repairs. HELOC is in the amount of 55k, I have 10k in reserves. Knowing this, is interest-only HELOC the best to get for a flip when getting this HELOC?

Also, figured I'd ask this so I don't create another thread. The list is with fannie mae, so the first 15 days is owner-occupant only. I'm nearly certain someone will get this house during that period. How long would I have to hold the house(Ohio), if I were to buy as owner occupant?

[J Scott]

Originally posted by Tim Anderson:

How long would I have to hold the house(Ohio), if I were to buy as owner occupant?

In answer to this question, I've never seen anything official or in writing, but I've been told that it's 1 year...