It is based off of a home equity line of credit.  

You will also want to make sure that everyone who has recorded interest in the property has been notified of your position so that your redemption time of 6 months will count. 

Working with a wholesaler and have a solid deal on the table...I'm looking to pay cash on a 4/2 SFR @ 64k + 4k rehab + 1k for inspection/appraisal/title search (all in at 70k total) using a partners' home equity loan in order to lock in on deal.

It is a leveraged deal with some equity put in the first year.

The idea that a vacant house has enough equity in it for you (or in your case an investor) to purchase it, paying off the mortgage/mortgages and any an all liens and still have sufficient equity in it makes no sense.  

There are some calculators on this site you can use to run the numbers for yourself and see if you can positive cash flow.

I have cash on hand to purchase the house, but don't want $29,000 locked up as equity in the house.  

I have a contractor who will be working as sweat equity on a fix and flip property.  

What kind of equity do you have in your other properties?

They are cash flowing well for the areas they are in, and we already have equity built-in at purchase.