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Heloc right after closing

I am having to down more than 20% of home value for a new build to qualify for loan. I have good savings to be able to pay around 40% of the market value. I was thinking to use additional money to buy a rental property, however I started to think if it would be a good idea to down 40% and take whatever I can from the HELOC right after I close the house and use it for rental. Any Thoughts are much appreciated.

submitted by /u/OrganizationDry1491
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source https://www.reddit.com/r/RealEstate/comments/15dfyil/heloc_right_after_closing/
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