When to Access HELOC?

[Steve Murphy]

Hello, I joined BP recently and this is my first post. 

My wife and I live in Northern VA and are looking at buying an investment property in Williamsburg, VA. This will not be a house hack, just a straight buy to LT rent initially, then possibly convert to a STR if approved by the county.

We're looking at SFHs in the $300k-$500k range, so the downpayment will at least $60-$100k. We have a HELOC that we may have to access.

In order to pre-qualify for a mortgage and showing available funds, should we exercise the HELOC and get the cash in our bank account before pre-qualification, or is the availability of the HELOC enough to show the funds are accessible?

Also, any recommendations whether we should use a mortgage lender where the house is or one convenient to where we live (same state)?

The timing is late summer(ish). We need to get through our daughter's wedding to see how much $ is left (LOL!).

Thanks in advance!
Steve