Thoughts on Reasons NOT to do a HELOC for 1st Flip?

[Brad Young]

Hello BP! I've been thinking through ways to help beef up my cash reserves to purchase my 1st flip, and have been seriously considering opening a HELOC. Since you obviously don't pay anything (other than smallish paperwork fees to open) until you actually draw on the line, it seems to me to be a no-brainer to have open and available for when the time is right. Is there anything else I could be missing or not thinking about, that would be a negative to just having the line available? Any risk I'm unaware of if I use the same bank that holds my mortgage? Any and all feedback is welcome. Thanks in advance!