1st Purchase utilizing HELOC...what are my options?

[Steve Dora]

First post! I'm looking to buy a condo so I can rent it to my daughter and a roommate while in college and then continue to rent it out after she graduates. The condo I'm looking at just posted for $135K. For funding, I have a couple options, use my heloc (prime +0.5%) for the down payment and then conventional loan for the rest. It'll take a bit to pay back the heloc due to rent around $1200/month. My current idea is to offer a full cash (heloc) offer of $120K. After 6 months, I'd use my LLC to purchase the property for $150K. There are some comps out there around 150/160k. In the 6 months I'll be doing some rehab (paint, floors, some fixtures, new island, etc.). I then can pay off my HELOC. Based on my understanding, the loan for $150K w/ 20% down would be ~$1150/month (tax, hoa, and P/I). Are there other ideas to make this deal work? Thanks in advance!