I always plan to have 6 months of holding costs available, for after I finish the flip, just in case I missed the market.If a lot of houses are sitting on the market for a long time, (can't sell) I'd definitely avoid it. 

I would probably go with a HELOC as you won't have to pay for what you're not using unless you've got a specific property you're going to be buying with that money so you know you won't just take out the loan and sit on it paying interest all the while. 

Sit tight and wait till rates drop.

Now I get to sit back, relax and collect $2300/mo in rent plus about $100k instant equity because of how the market is over there.

Many condos are falling apart but they sit on millions in urban acreage. 

Maybe sit down with a good cup of coffee when you can really focus on it.Good Luck!

What is interesting though, is that rental homes that are listed for sale are sitting a little longer.

I like it because it keeps my money working for me in between finding deals, so I don’t have cash sitting on the sidelines getting chewed up by inflation.That being said, if you have equity from day one.

Using a heloc as 1st mortgage really only has a major benefit if you have idol cash sitting around from your paychecks. 

Sit down with a tax accountant and a realtor in your market walk thru the above with them.