HELOC vs Construction Loan vs BOTH?

[Kyler J Sloan]

I was trying to think of the best way to finance a construction project and my next purchase simultaneously -- the former is a creative STR project, and the latter would be a turnkey property.

Assuming I can get a construction loan which I later roll into a mortgage using a refinance, couldn't I do the following: 

(1) Get HELOC on my house as the first half of my down payment for my next property, and begin saving for the remainder.

(2) Apply for a construction loan for the single family STR project.

(3) Once I save enough $$ for [1], buy my next property

My main concern is that the HELOC and construction loan applications will conflict -- will the HELOC, if not yet used, affect my credit in a negative way and prevent the construction loan?

Thanks in advance for any feedback.