HELOC on a free and clear property?

[Joe Hughes]

I recently bought 3 properties at auction, and have started the rehab process.  All 3 will be a flip strategy.  I also have a opportunity to purchase a buy and hold property that will net a 21.5% cap rate.  My strategy going forward is to focus 75% of my time and resources on flipping, and picking up a buy and hold rental as I go along ( the other 25%) for passive monthly income in between the big payments from the flips.

My question is this: does it make sense for me to get a HELOC on one or more of the owned properties (soon to be flipped) to pay for this buy and hold? I just spent a ton of my own money on these flips, and want to be conservative on spending until they sell. A HELOC would be like a "cash advance" that would allow me to get this rental.

Is my logic flawed?  is this even feasible?  

Thanks in advance for your valued advice.