Additionally, while rates aren't historically bad right now, they are higher than 4-5 years ago, and they will be even higher for you as an investor than they were as an owner occupant, which is what you were when you bought originally.I get that you are anxious to add to your portfolio, but that could be achieved without touching your first golden goose.Sometimes on BP, the push is to leverage every last spare penny, but that can be a risky game as the markets shift. 

A HELOC offers flexibility and interest-only payments but can be risky with rate fluctuations.

This can become a selling point or value proposition for your future clients. 

Sometimes when examining the entire capital stack, its determined the higher finance charges paired with higher leverage is a winning proposition but only experienced real estate investors should be making that call. 

If your goal is financial freedom, which is a long-term goal, not so much.Financial freedom is a long-term proposition, not a one-time event.

Buying real estate without debt is not a very attractive proposition for investors. 

This sounds like it could be a good deal for the partners, and perhaps the bank, but a terribly risky deal for you, with little upside.What exactly do you mean by, “There will be a promissory note drafted for the amount and the duration and interest rates”?

As a beginner, I would personally get my feet wet with something a little less risky without a balloon payment like that.

These deals are very risky, frequently fail, require locking up your capital for many years with no ability to cash out or sell your position. 

Based on this of course it would still be risky, specially being the first time but better start somewhere than just keep analysing properties right?