Help Understanding Financing in Ontario

[Keith Shutupaboutit]

Hi every, I'm a total beginner with plenty more questions and Studying before I get started but this is the biggest issue I am wrapping my head around.

How exactly do I finance my first rental property?

I own my own house and am able to get a home equity line of credit for about 300k. I'm looking to execute the Brrrr method around the Newmarket, Ontario and surrounding area where finding any deal under 500k is difficult, along with rehab costs, I certainly do not have the amount needed to close a deal without borrowing additional funds.

Is it possible to use the line of credit to only but down the downpayment and secure a mortgage for the remainder? (Leaving me with enough credit to complete the rehab)

I understand that the goal of the brrrr method is to have the ARV higher than the initial cost of the property, rehab, and all other closing costs in order to refinance which will pay back the line of credit left with just a mortgage that the tenant is now paying.

Is it that simple? Once the rehab is completed am I able to secure a mortgage right away or is there a waiting period? Is there a criteria that I may not hit to be approved for this?

If anyone has any tips, alternative methods, or source material to throw my way it be greatly appreciated. Thanks