Safe to open HELOC??

[Eric McLaughlin]

Hello all! Planning on buying my first STR within the next 90 days! I currently own my home, with a conventional 30 yr mortgage and equity. Since I "technically" qualify, I was planning on buying a vacation property with a FHA/FHA 203k. I want to open a HELOC with my existing homes equity for extra cash to help with starting and setting up the STR or remodeling if it's not worth 203k'ing. So my question is, is it safe to get the HELOC now then find property and secure mortgage? Or do I close on the STR property then open the HELOC?