Using a HELOC to purchase flip home

[Tim O'Rourke]

I recently purchased a home to rehab with cash. I've hired a contractor to complete the entire project for me. I'm considering opening a HELOC on my primary residence to purchase a second home to rehab. I figure why not keep the ball rolling while my first project waits to sell? I would pay the HELOC down to zero with the proceeds from the sale of the first home. I figure it will take roughly 4 months between projects, waiting for closing on my house, then waiting to close on new house to rehab. I have a full time job and can afford to make any payments on the HELOC if the first house sits on the market longer then expected. Is this a smart strategy?