If your time horizon for the Bay Area is not that long, though (which sounds like the case), then that doesn't really matter and you are probably making about as good a choice as you can as nobody really knows for sure what the next 6-12 months will yield.

Im looking at the horizon way out.

If you can't come up with a clear answer, don't take the shot.With each shot, check to be sure your horizon is level. 

If you use your HELOC as short-term funds to acquire and cash-out refi when your done with your project, you are only using the funds you need and with a short-term horizon in mind.  

Account Closed, 85% LTV at 4.6% is very good, just make sure that prepayment penalties, if there are any, are relatively small, or the schedule of them coincides with your time horizon for the property.

Expand horizons and own several properties in different, producing neighborhoods?

However consider this: 30-35% or HIGHER unemployment was looming on the horizon.

Eddy will come to an idea of what type of investment horizon he wants or should have.

I also have an undergraduate and graduate degrees in Real Estate and am a CFA Charterholder.Long-term GoalsMy wife and I want to build a portfolio of SFH and multi-family real estate to supplement our jobs and build a nice income stream for retirement.We are interested in owning quality properties because our time horizon is more than 20+ years.

I think sometimes we have to broaden our horizons and think outside the box.