"Howdy" from Dallas! I tip my 🎩 to ya for HELOC advise

[Michael Bracken]

Greetings, I would like to raise some money for conventional financing of a duplex or 4 plex. I have a rental with 110k equity owe 39k 6.5% and a primary residence with 100k equity owe 98k 4.5% 15 year note. If I cash out refi the rental it won't cash flow. ($4500 yearly taxes) I was thinking about taking a Heloc fixed 6% (initial 40k draw) from my primary residence and paying off my remaining rental mortgage 40k in one payment. Paying off the simple interest Heloc afterward is much, much....much faster than the 2k I paid on the amortized mortgage principal all this year with $900 P&I payments. 4 years vs 20 years for the same $900 a month by my calculations. Lastly, I'd have a 60k 6% variable rate Heloc (that's the most I qualify for in Texas)with a $0.00 balance ready to use at anytime. 1k cash flow from the rent house, plus the cash flow from the acquisition to pay off the Heloc. Is this a good plan? How can I make it better? Where am I wrong?