HELOC for 2022/2023 How to start?

[Kenny Kuramoto]

I have a $200k HELOC ready to use just incase. Trying to get a better understanding of what I should do. I did some homework and going to list from least to most appealing and want the pro's thoughts.

1. 1) Pay for a property in full assuming its less than $150k. I understand theres repairs and other things that might come up so $50k for emergency is what I'm keeping for that. 
2. 2) Pay Down Payment on a property. Make sure the numbers work with high Interest Rates ~8%-9%. The first two is kind of the same
3. 3) Find a BRRR Property and find a team to help with the rehab. I know this is probably the ideal scenario as i have to find a property hope the ARV is big enough i can get the 75% back to cover my HELOC and to do it again.

I know I have more options but I can't think of it right now..... 

Couple notes: I live in California. Kind of hard to invest in my Market. Thinking of Investing in OH or GA.

Goals is just to get cash flow positive. Ideally buy a property pay off HELOC and recycle. Thanks everyone!

[Jason Wray]

Go the #2 route if you want to stay liquid and build wealth use the banks money! Especially now that we are about to experience a property value shock in the next 12-24 months. (In most areas). Use the down payment wisely if it does not benefit the rate/payment do not put more down. Recoup the funds after the renovations/ARV and lock in the lower rate for the long term hold.

Rates are a little shockng right now but not for the long term investors.  In the long game they are irrelevant and can be refinance in 2-3 years when the players in the GOV/FED change hands.