Heloc Question

I have found a home worth 220k and the seller owes 100k. they will sell for 110k [a foreclosure] i want to aquire the property and use the equity to purchase other homes and rehab them. My mortgage broker has informed me of the fact that i qualify for 140k in financing. What is the best route to acquire the home, and use the equity available [50%] for future purchases spending the least amount of cash possible? I figure the inexpensive way to do it is to get a loan for 100% financing, buy the home, and in an ideal situation get a heloc simultaneously. My credit is far from stellar with a middlescore of 620. since any ideas given would be greatly appreciated. Thanks in advance