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Financially free always betas debt free, and taking on more "smart" debt is not only opposite of risky but actually the goal for the most seasonal investors.  

@Wale Lawal This is great advice, and I’ll definitely take it to heart.

Read books and maybe take on the occasional 3 day seminar. 

In fact, Flagstaff is affectionately called “poverty with a view” because it’s expensive and super pretty but the main industries are basically just NAU and tourism.

How much did the rehab end up costing and how long did it take to complete?

- Yes, it does take more time to schedule this:(--- Our FieldTechs do have sets of locks our locksmith has pre-keyed, so we can "rekey" a property faster.

It might take at least two years before we can make a substantial down payment on a second home. 

Loans like this can be useful or very dangerous, depending on how you manage your business.The ideal situation for a loan like this is when you have a property that will take a while to get up and running. 

Obviously I don't know your entire situation so take my thoughts with a grain of salt.That peace of mind you get from a HELOC could be misplaced.