Little to no money and want to invest in City of brotherly love

[Wesley Mitchell]

West Philadelphia born and raised, on the play.. you know how it goes. This is my first post on bigger pockets and I’m Extremely excited about real estate investment in my city. 

What I want to know am I jumping the gun on getting into it? I’m newly wedded with no children. Our house hold income is only 90k with my wife making more than me. I personally already own a property fully owned with no loans out i inherited that’s worth 80k credit score is right around that 640 mark. I personally don’t have any debit other than 9,000 left on my student loans. 

My current plan is to take out a HELOC (home equity line of credit) out on the house I ownfor 64k (80%) to use as readily available cash to finance deals. Start a LLC to keep my personal and business separate. Then look for properties. I want to use Hard Money loans for my first flip. With the HELOC available if after the renovation and all I can't sell and need to pay loan.

Questions I have:

Is my plan solid are there gaping holes im missing?

Is finding, buying, rehabbing, listing, holding and selling a property with 60k possible? I’m using calculators from bigger pockets and from FortuneBuilder seems doable but I always see bigger numbers used. 

Does my use of my house make sense? Could I use it in another way to help me? 

And please if anyone has information on the Philadelphia market I’m all ears and would appreciate any and all tips