Do you guys know if you can tap into a HELOC (that was established while the house was still owner occupied) after the property is converted to a rental? Or does it vary from bank to bank?
The easiest way to find out is to ask the bank you have the HELOC with. Of course, you can’t do that if you are not planning on being honest with the bank about the loan.
Don’t ask, don’t tell.
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I don’t have one right now but wonder if I should get one.
Did you not see my post about US Bank’s promo home equity line? I just got mine. Promo 6 mo rate of 1.99%. After that, reverts to whatever you qualify for. I got prime interest rate. Nice to know I have the funds to go buy another property or more important things like an Iphone 8 to help out with the dismal sales figures…
Oh, more importantly, this was FREE and free to just keep but you do need to open up a checking and savings account with a small balance.
Best move I made this year…
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Correct. I support this. Use it whatever way it is beneficial to you. Lender never cares (unofficially) how you use and when you use, but expects your monthly interest and make this addiction to earn money from you !
Thanks everyone 
The thing is, if I open a HELOC now, I am not sure whether I want to draw on it to fund my next purchase given that I will need to take out another mortgage and this will hurt my DTI ratio, but having emergency funds available is not a bad idea.
Even if you do not withdraw, but having one HELOC, affects your DTI. Lenders consider 1% of HELOC as your monthly payment no matter whether you borrow money from HELOC or not. For example, you are given $250k as HELOC, your debt $2500/month is assumed towards HELOC payment even if you have zero balance ! This changes lender to lender, not a strict rule. You will never know how your future lender is going to treat.
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Does it make more sense to open a HELOC for home improvement or to just get a Home Improvement Loan? Do the interest rates differ?