buying house cash and using HELOC to do repairs

[Nicky Granados]

greetings everyone, 

i'm new here and needing some advice. so im thinking about buying another house. the plan i have in my head is to buy a fixer upper with cash (to try to get lowest possible purchase price) and to get a heloc from it to use on repairs. the plan is to move into it once renovated and rent out my current home. as far as repairs im only interested in fixing up big ticket things.. stuff like fixtures, paint, drywall and tile work i can do on my own and figured i can do on my own time to finish the house since i'll be living in it. and if things go according to plan..i'll rent/sell that  house and do it again once its complete ..has anybody done something similar to this? am i in over my head? anybody see any pitfalls?  thanks in advance

-nick