HELOC to BRRRR question

[Michael Bieler]

Hey guys looking for some advice. I currently own a few SFH rental properties, 1. does anyone do HELOCs on investment properties? My Main question is if not my parents primary home is paid off.. They would be willing to open a HELOC for me to help fund BRRRR. Im not to sure on the legalities of this for them. Would they take the heloc for say 100,000 and just wire it to me? Should there be a contract in place? Tax wise what happens on their part with this situation? I just want to have all information down before going through with this. Any help would be great!