I’m just learning about HELOC but have been told to try and fund w OPM.

Here are some common financing options:Traditional Mortgage: Obtain financing from banks with a down payment, paying off over time with interest.Hard Money Loans: Short-term loans with higher interest rates, often from private investors, suitable for quick acquisitions or credit-challenged investors.Private Money Lenders: Individuals or groups offering direct loans, with terms negotiated privately.Seller Financing: Buyers make payments directly to sellers over an agreed period, with terms negotiated between parties.Home Equity Line of Credit (HELOC): Borrow against existing property equity with a revolving credit line, typically offering flexibility.Real Estate Crowdfunding: Pool funds with other investors via online platforms for various real estate projects, offering diverse investment opportunities.1031 Exchange: Defer capital gains taxes by reinvesting sale proceeds into similar properties within a specific timeframe, useful for tax optimization.REITs (Real Estate Investment Trusts): Invest indirectly in real estate through publicly traded companies, offering liquidity and diversification.Joint Ventures/Partnerships: Collaborate with other investors to share resources and risks, leveraging each other's strengths for larger projects.Subject To Financing: Buy a property subject to the existing mortgage that's in place on the property (doesn't get paid off when the property sells).Assumable Mortgage: Buy a property and assume the mortgage that the seller already has in place.Lease Option: Rent a property with the option to buy it prior to a later date.Debt Service Credit Ratio (DSCR): A loan approved based on the income potential of the propertyThese options cater to different investor needs, preferences, and financial situations, providing flexibility in real estate investment strategies.Thanks,

HELOC on an investment property with 75% LTV2.

Or there are HELOC options you can look at also.

Finally, my end-goal is to find a good tax deed deal, rehab it, rent it and then cash out with heloc or refinance.

You could get a heloc on your existing home to use as a tool to potentially use to buy the lot of provide down payment $.

I would maybe look into pulling some of the equity out via a HELOC to finance the purchase of your next property as opposed to selling. 

As for HELOCs, how does one use one?

you could pull a HELOC for the down payment and use the cash flow to pay the HELOC

Just purchased an investment property and used some of our HELOC as the down payment on the investment property.