Am I making a HELOC Mistake?

[Bevin Morgan]

Hi there - I thought I was all set to start my investment journey before I spoke with my financial adviser yesterday. Now, I'm confused and could use some help. 

Here's the sitch:

Before I discovered Bigger Pockets, I was working on paying off my house and building up my emergency fund. My husband and I owe just under $23K on our personal house and have $5K in our emergency savings with a goal of getting to about $20K.

Then, I started reading all of the books and got excited about the BRRRR strategy and decided to take out a HELOC. I found a $112K HELOC through Third Federal at 1.15% under prime with a 10 year borrow period and a 30 year pay back period. I have an appointment to sign the paperwork on Saturday, but I'm getting cold feet!

So, the question is - do I cancel my appointment, pay off my house (at a 3.57% rate) and fill up my emergency fund - or do I move forward with the HELOC (which requires me to roll my remaining mortgage into it) and start working on finding a deal that I can cash out refinance in the next 9-12 months?

I appreciate any advice!