Can you freeze a HELOC? Sub-2/Master lease w/ option acquisition
FACTS: SFH
FMV $650k
ARV $700K
1st $430k
2nd $ 51k (HELOC max line is $350k)
possible rent $3200-$3500
mtg payments $2,800
Seller is open to long term master lease or sub-2
Deal is not suitable for a quick flip.
Question: How can I control the property & keep the exiting HELOC in place but prevent the seller from utilizing additional credit from the HELOC?