Financing new condo

[Ashok Jain]

I am in process of buying a condo to help my kid who is unable to afford rent about 2000 per month and she would need for 4 years . She would  able to pay half  of rent. Condo is about 250,000 . My plan was put 20 percent down and take out mortgage . Lender wants to label it as a investment property. I may sell or rent it after 4 years . 

I am in position to pay off with cash with some help from home equity line of credit  or pay off totally with cash and use home equity line of credit for any emergency cash needs for a year to replenish my reserves 

Need advice to make better decision 

I am not in rental or real estate business . But , it could be start