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One problem may be if you had multiple properties with only a little equity each. eg. 10 properties with $10,000 additional borrowable equity. You could cross collateralise them all and get a $100k LOC or separate LOCs (actually there may be minimum loan sizes!). I would still avoid the crossing...

I would have to second Rolf's postion - the Portfolio won't be suitable for you for 2 reasons: 1. It is a LOC so you would be making a tax mess to deposit money into it on an ongoing basis. 2. Cross collateralisation of subsequent properties. Go for IO with 100% offset acount for the first...