Go to Pen Fed Credit Union for a HELOC on rentals up to 80% CLTV so long as you have no more than 4 financed properties.

I’m considering opening up a heloc on my personal home to fund the deal and renovation.

If Using Heloc with BRRR (Not Refi)Does anyone know- if investment costs you - (example) cash $75K(COE, Deposits,Rehab,Carrying..) and after Rehab you HEloC back $60KHow should you adjust your spread sheet-to reflect  ROI ?

I called Bank of America to open a HELOC, and was told you cannot open a HELOC on an investment property. 

I will go ahead and preface my comment with the fact that all I have at this point is research as I am currently working on my house in Knoxville prior to getting a HELOC to start my journey.As far as what I have read FHA loans are only available for a primary residence so unless you plan on moving to live there you will not be able to do an FHA loan.

Heloc has variable interest with monthly payments of about $1200.

The easiest way really would just be to buy the property from them, if you want some money to do renovations later on you can just take out a HELOC since it will be your primary residence.

You can take a HELOC from that rental all paid as additional down payment to meet his must "<=20%" criteria.

@Doug DeVore Get a line of credit (HELOC from a residential loan officer/banl if the 400K property is in your name, or asset based line of credit or portfolio LOC from a commercial loan officer if not) and then you'll in a position to pull the trigger when you need on what you need and repeat (vs. a loan that you can use only once, pay interest on the balance regardless if you use part or all the money or not, with interest amortized vs daily balance, etc.). 

I don't see a point in using a HELOC or financing the rehab costs out of the equity now to only have to try and refinance the property again to access the equity to buy other properties.