HELOC interest expense deduction

[Karen Lee]

Hi - From what I've been reading there are restrictions on HELOC interest expense deductions. Does anyone know if I take out a HELOC on my primary residence and draw funds to purchase/improve rental property (1) will the interest be deductible? and (2) will it be subject to the $750k (first mortgage and HELOC) cap?

I can't seem to find any guidance on my question specifically, and what I find says that HELOC funds must be used to buy, build, improve the taxpayers qualified residences (primary and second home) and cannot exceed $750k. So drawing funds to purchase rental property would not qualify?

Thank you!