I'm about to get a $100,000 HELOC. Now what?

[Mike Schoeffel]

Hey all. I'm a long time BP podcast listener, but this is my first time posting in the forum. 

Anyway, I'm set to close on a $100K HELOC within the next couple weeks. I'm interested in hearing some seasoned veterans' opinions on how best to spend this money in real estate investing to maximize my returns.

A few pertinent notes:

1) At least $25K will go toward a new roof and a well, both of which we desperately need.

2) I'd like to leave $20-25K untouched so I can pull from it in emergencies.

3) The other $50-55K is basically free game. 

4) I have an unfinished basement which I could finish and rent out. There's already one bedroom with a bathroom down there that we rent on AirBnB.

5) We also have a 200-square foot lofted cabin on our property (we have 16 acres) that we could install plumbing and electric in.

6) I'm interested in purchasing one or two long term rentals (preferably duplexes) that would cash flow 300-400 per month. I've run the numbers on several places that would meet that criteria. I'm open to ideas about this, though. My only stipulation (other than $300-400 monthly cash flow) is that the property is within an eight-hour drive of my home, which is just west of Asheville. 

So what do you think. Any ideas? 
Happy to be entering into the BP online community.