A HELOC may work well for you.

He owes 108k, 60k for HELOC and 48k on existing mortgage and wants to purchase another house with his wife via traditional financing. 

Our other option (currently available) is to use a HELOC to finance the purchase but we would like to hold this property for some time and I don't want the interest rate risk on a floating rate loan.Thanks,Oliver

Before the RE discussion came about, we had decided it would be a good idea to pay off all of our debt first (1 vehicle and primary residence mortgage) before getting into the RE game.I would like to ideally use cash to fund my first deal as a lot of the financing options (HML, PML, HELOC, HEL, etc.) seem pretty risky for a beginner.  

ON a vacant property you will probably get a maximum HELOC at 75% LTV which would give you about $70K to re-invest.  

So if you don't have residential RE, you can't do a HELOC type product on the residential. 

Live it in a year or two (whatever the minimum amount is for the low down payment loan program) and then rent it out and buy another one A duplex would be the best because then you could get your 2 years of experience owning property and could count the rent towards your income to qualify for more loans.The real key though is that if you buy it right (70 to 75% LTV) and you get a couple years of principal paydown and appreciation, then maybe you could use that house to get a HELOC up to 80 or 85% as your primary residence before moving out. 

Do you have enough equity in your house to take out a home equity line of credit (HELOC)?  

Here is my plan for investing to help guide some questions.Planning on investing in long term rentals with BRRR method with my parents as a business partnerWe want to have two properties within our first yearLooking for both myself and my parents to get HELOC loans and then refinance to a 30 year fixed.  

One additional thing you can do to strengthen your position is to get a HELOC on your personal residence.