Using a HELOC to help finance first BRRRR?

[Chris Mathe]

Hi All, Quick back story: I was trying to cash out refinance my primary residence when unfortunately the appraisal unexpectedly came in too low for it to make sense. With that being said, my loan officer recommended getting a HELOC to help fund an investment property? What are the pros/cons of doing this? A quick side note: I have some cash, but the HELOC would help me get over any additional hump.

An initial con I can think of is that I won't have a heaping pile of cash in my savings account waiting to be used, but will need to draw from the credit line.

A pro would be that after 6 months from a BRRRR purchase, I should be able to pay back the line of credit and not be taking any interest hit, wait for the next deal, and do it again.

Also, assuming a HELOC makes sense, would a interest only or principle and interest make more sense from a BRRRR financing standpoint?

Any advice is welcome on this as I have just stated to research this option.  Thanks!