Hi,I am getting ready to buy my first long distance investment property with funds drawn from a HELOC on my first home.

If it is a Join Ventur, that would be different than them supplying funds in a lending capacity expecting a return. 

Or does this get paid out of the funds received from the HML?

I mean I don't really care I am just funding the deals.. but in some markets and that's usually were there is a lot of older homes and or rougher areas wholeslaers are the ones putting deals together whether its legal or not. 

Do you currently have enough funds to pay first month’s rent, last month’s rent, and a security deposit?

Mainly I am thinking about if I should risk using 1031 exchange funds from the sale of one of my SFHs for a down payment or if I should wait until I have cash.

I plan to use hard money to fund a portion of the purchase.

It may violate all sales rules, but I tell new investors fairly regularly not to invest when I feel their objectives are misaligned with the fund we are offering.

I just bought a property about a month ago so I don't currently have the funds for the traditional 20% down on another property. 

I told the buyers the garage might not be ready in time but we would escrow funds and write it in the contract.We tore the old garage down and pored the pad.