The advantage with the Heloc is you have it sitting there and only pay interest if/when you use it (like a credit card).

You can attach it to your debit card or bank account/routing number.

So for $350, he now has an arrest warrant and cannot fly back to the US without being escorted by the police to jail upon his arrival.  

But good fiscal planning is to get rid of debt that isn't producing income (student loans, auto loans, credit card debt, etc) There is always a deal on a house out there and if the situation is correct you can even build your dream home sometimes cheaper than buying, based on where you chose to live.

Occupancy: owner occupied, personal residenceValue of property at present and/or your offer price: $300,000 offer priceAfter repair value: $475,000 - $525,000 (conservative comps in area)Anticipated or actual appraisal issues: None, but not really sure what this is askingDown payment or equity: $75,000 cash to cover down payment and closing costsSource of down payment funds, if applicable: own funds and 401k loanIncome Source: salaried, 15 years in federal career Gross monthly income (optional): $10,000 +/-Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $1,300 monthly rent, pay off credit cards each month, no other debtFICO: Excellent, 800+Credit issues: NoneAdditional details: The home is need of approximately $100,000 in repairs.

I pay credit cards balances weekly to keep utilization as low as possible.

Credit score mid 700, above 740.Current DTI is around 43%, credit cards utilized paid off in full monthly and I carry a LOC which I was planning to pay out but have access to when this deal popped onto my radar.

2.5k gift card to Nebraska Furniture Mart?

Pic related, I lent on this house post-flip:My first words in this post were "excluding flippers," because you 100% can hypothesize that the flipper "drove up" the values of that house and that neighborhood.... however the neighbors (20 houses to the right and left on both sides of the street - 80 homeowners) should be sending "thank you" cards to the flipper, they all probably picked up at least 10% in terms of home value thanks to that flipper removing this chop shop blight from the neighborhood.

Cards and letters are easy to dismiss but a friendly face isn't.