Not sure how to move from 1 property to 2! Need help!

[Malachi Chapman]

Hey guys,

So I have my primary residence in Dallas and have been renting it out on Air B&B and living with my parents to see if it would make enough to justify as a rental (which it does thankfully). I don't have enough capital for a down payment on house #2 right now but the plan would be to buy in the next couple of years and keep renting out my current home.
Is now an ok time to take out a HELOC and use that for the down payment/rehab costs of the 2nd home? I know with interest rates being so high it's difficult but with not as many buyers I know I could get below market value most likely. What would be better, do the HELOC now and buy or wait till interest rates drop and save up a down payment over that time?

Any advice is appreciated! Thanks!