I would only do it if it was an absolute no brainer of a deal as if it goes south then you not only hurt yourself on that deal but also the property that you took the heloc out of.This also depends as if your current LTV is 30% and want to go to 50% is different than going from 50% to 80%.

Many people told us, just google it and do it. 

But that wasn't the question, The question was CAN you do it, not HOW do you do it. 

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price 

It's a good idea to schedule your own safety inspections, including checking for smoke detectors and carbon monoxide alarms.3.

Do you know the other markets well? 

If you take that cash and try to buy units in the area, ask yourself what are they selling for?

Investing in yourself is a key. 

If you do this, make sure you have clear intentions and written terms each party agrees to.  

He even chatted with me through this forum (Bigger Pockets) and was very encouraging that you can even do it just with free stuff out there.