Advice on how to use HELOC

[Kingsley Ogwuegbu]

Hello Biggerpockets Members, 

I am currently sitting on about $120K HELOC funds. Currently looking at a house that's being sold as is for $115k(ARV is 140k), Needs about 10-15k. I am looking to get into the deal anywhere between $85-$90K.

My questions is should I:

1) Use and FHA to get this property

2) Pay cash and BRRRR or flip?

Thanks for the advice.