I have been approved for a home equity loan and line. Can I use it for the down payment on a property? Also after I have the down payment, How do I finance the rest? Can I use the rest of the loan/line to pay for the property? How do most people handle this? 
Sweetie
What are your primary investment strategies and goals. With this information People can help you better.
Happy Hunting
Rich
Howdy Sweetie:
You can use your HELOC funds for anything you want. as down payment or paying in full or a trip to Mars.
If you plan on keeping the property you are buying you may want to get a a 30 year investor loan for most of the purchase price. If it needs repairs and you are planning on fixing and reselling you could use a hard money lender for the balance. The rates would be around 14% plus 4 to 5 points so you may just want to use the HELOC funds on a short term basis.
Hope this helps
Sweetie, Ted has some good advice - The line can be used for anything.
There are two schools of thought when It comes to using equity in your primary residence to finance other projects, but everyone can agree that you want to keep as much of the investment debt off of your primary, so please do not directly purchase the new property with your line if possible.
As a note, if you have been approved for a HELOC or equity line (instead of a fixed rate/amount home equity), your credit is undoubtably strong enough to finance at least 90% of the purchase price on a residential 1-4 unit property. Ther is potential for financing to up to 100%. HELOCs use some of the more stringent underwriting and score requirements.
Bottom line - if you are going to finance you shouldn’t have much of a problem carrying the great majority of the investment properties price on it’s own mortgage.
As far as the remaining funds to cover minimal down and closing cost, you can get the funding from a hml at a high cost and rate and not have to risk exposure to your home, or if you are comfortable with the risk and you are fairly certain you will pay the money back if the short term the HELOC/equity line will provide cheaper funds.
Hope that helps
Sean
Yes u can use the line. Is it liened up against your primary??? If so risk plays a big role in determining stratagey. I am a firm believer in using other peoples money and there a are programs with no points conventional rates that will finance it all or even give you money for rehab work. My thought if your cash flow poor use the equity line for as little as possible and then get the rest from a lender. Keep in mind however lenders like to see 6 months in reserves for investment properties (6 months of mortgage payments) You can use savings, mutual funds, stocks, bonds, life insurance or retirement accounts 401k IRA. eventhough most of these are not readily liquid they have a value to the lender and help get you approved, unlike the misconception that real property has value to conventional lenders… it does not.
(Sorry for going off on a tangent, hope this helps)
Thank you all for all your help. I really appreciate it.