How would a market downturn affect BRRRR refinancing?

[Phil T.]

I've been looking for my first BRRRR property for a couple of months, and plan on using a HELOC on my primary residence to finance the purchase and rehab. With all of the uncertainty about the economy recently (specifically the last couple of weeks), it got me thinking of how a market downturn/recession would affect a cash out refinance on a property like this. I feel like it'd be a little more risky for me since I'd be using a HELOC, and not cash for the deal. What are everyone's thoughts?