House hacking with home equity loan

[Robert Mendez]

Hi BP community!

I am super excited to get my foot in the door on investment properties and am not entirely sure if this is a plan that has worked or potentially planned out for other investors and I would love some insight.

I would like to utilize my parents house (my mother and father are obviously aware of this and we are all interested in doing something together) to get a home equity loan, utilize it to purchase a house cash and try to get a better deal, than fix, rent and refinance it. First and foremost, is this something that banks allow? Letting someone pay back a HE loan with a refinance? Please any tips here would be great!

Thanks!