I am selling an investment property and using an equity line on that same property for improvements prior to the sale.
I’d like to use some of the available balance in the equiy line account for other uses including setting aside cash to buy real estate other that the down leg property, have a reserve to fund negative cash flow, and other things.
Can I do this? Does this jepordize my exchange? What are the rules for the use of an equity line on investment property?