Do not explain a HELOC to me.

I like the flexibility and security, plus I can always pull it out if I need it via HELOC or a cash out refinance. 

Heloc or equity loan?

Plus a big factor is how quick you'll be able to pay down that HELOC if you use a HELOC.My preference would be to use the HELOC at a lower rate, pay it off as fast as possible, then deploy those HELOC funds into another deal.

I want to use the house as a bank and use the equity wee have in it to HELOC it out to buy more property, but she is dropping hints on wanting to offload it for a profit. 

Something else you may consider is the path I'm encouraging for many of my clients, which is refi the original loan and get a HELOC.

Really, even if the refinance falls through for some other reason, I could still purchase with the original HELOC but I dont want the purchase of another property to be the REASON it falls through.Of course, the properties could be not worth buying at all :)

When I inquired about the HELOC from my local credit union, I asked the question “How does a HELOC read on my credit?”

With the DTI being high, would the HELOC company take into consideration you using part of it to pay off debt?

I am looking to use $100k of my primary residence's HELOC to invest (of a total of $130k capital she has raised for this deal).