Will This Financing Strategy Work?

[Tim Porsche]

Hey all, so I am planning on getting into house rehabbing and flipping in Spring 2016. I need a little time to build up some more funds, and do more research, and get a good team of contractors, real estate agents, etc together. Now I'm not going to have enough cash on hand to finance everything by myself, so what I am thinking of doing is the following. 

1. Get a 100% home equity loan in the amount of ~$35,000 from my rental property.

2. Use $10,000 of that to put down 20% on a ~$50,000 fixer upper house, and another ~$5,000 for closing costs

3. Use the remaining $20,000 to rehab the house, and pay holding costs.

4. Try to sell for around $90,000 - $100,000, and make $10,000 - $20,000 in profit hopefully.

Does this sound like a doable plan? Am I missing anything big? Does the financing sound like it would work? To give you more details about my financial situation, I currently own one rental property, a single family home that is worth about $130,000 now (conservative estimate, might be more). I owe roughly $88,000 on the mortgage. It is netting me roughly $550\month total profit before taxes. I plan on buying a primary residence home within the next few months, so I will have another mortgage of about $800\month, including property taxes, insurance, PMI, etc. By the time I would start rehabbing in Spring, I should be able to save at least $10,000 in my bank account as an emergency fund. In addition to that, I have about $6,000 in gold\silver, and $10,000 in retirement accounts.

Any advice would be greatly appreciated. Thanks in advance :)