How to unlock a HELOC

[Sam Valme]

Hello BP Team! 

We were planning on purchasing our first rental in Feb of next year. Instead we are thinking about requesting the current owner open a HELOC on the home. They current have about ~275k in equity. We could then use this HELOC as seed money to begin our investing in other homes in the area.

(We live in the house and have been renting it out for them for the past 5 years. The owners are my parents which is why they would even entertain a silly idea like this.)

My question is: What are the steps my company would need to take to gain access to this HELOC? Would it just be as simple as them going to a bank, presenting their current mortgage status, and them getting the credit. Then when I find a house to purchase, they cut me a check and I can throw the money where I need it to go?

I understand there will be interest that must be paid when they withdraw the funds. But what are the exact steps I would need to take to make this happen? 

Thanks in advance!