Anyone refinanced with a HELOC?

[Sean Britt]

I am looking at potentially moving into a property that is currently a rental and refinancing the first lien with a HELOC. This would give me a LOC against the property, drop the rate below the current rate, and do so with no closing costs. What are the downsides of this, other than the variable rate (which I feel worst case I can then refinance into a fixed if need be)

I am in Texas if that helps/matters. I don't know of any lenders (not sure if PenFed does it in Texas or not, for non-owner occupied) that will do HELOCS for non-owner occupied so I will be moving into the property for the time being. 

Thoughts?