Could use some advice on whether to use HELOC to fund first deal

[Shawn Furrow]

I have been spending a ton of time educating myself in the realm of RE Investing and I've been analyzing deals looking for a good one to make the jump. I believe I have found a few potentially worth making the jump but I'm not sure how to go about funding one. I found a house that would require a 20% down payment of $40k. This property should cash flow about $230/mo with a CoC ROI of about 4.5% if I were to pay the down payment in cash and put $20k in rehab. I do not have this in cash but after talking to a loan officer I do have enough equity in my personal home to get a HELOC for potentially as much as $140k for about 6.5%. If I took out $60k for down payment and rehab that would leave my monthly interest-only payment of $350. So the HELOC payment would be more than the monthly cash flow. However, I do have the ability to save up probably $3k a month from my day job so I could easily cover the difference and even begin to either save for my next deal or start to pay off the HELOC (or both).

Given all of this, does it make sense to do the HELOC just to get into a deal earlier or do you all think it would be better for me to wait and save up more capital before jumping in? Are there other funding options out there that would make sense in my situation? Thank you in advance for your help!