Using Someone else’s HELOC for Long term rental
Hi… I am a new investor located in Philadelphia. I currently have one rental property which just passed a year of ownership. I am interested in ways to acquire additional rental units using someone else's HELOC. How would a deal be presented and structed in order to make it beneficial for them to allow me to use the HELOC to fund the purchase and repairs before converting to a traditional mortgage? Interest payments, profit splits, equity splits? All options will be considered, thanks!