Need help w/ analysis using a heloc

[Julie Asmussen]

Hello All,

I want to use a heloc of for a downpayment on the next investment on something that isn't a total gut, but minor cosmetics to get it rented fast.

Is this not a good idea given it's not like a BRRR where the ARV after a tiny fixup won't be some magical huge difference so that I can pay back the heloc quickly (ie less than 1 year) ?

Also I assume I have to add the cost of the heloc to the the deal calculations.  

Would appreciate your thoughts on this all or is this a bad idea to do all together and I should just sit and wait until I can save up enough for a downpayment?

Thanks so very much!

Julie