I bought 6 unit property in Wildwood,NJ,in November 2024, doing rehab now, should be done by May 2025I am planning to subdivide 6 unit building to 6 separate condos and sell fall 2026, , if there are any experts in 1031 that can help me?!

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Are you planning to rent the entire unit at the 2nd year mark? 

It cash flows without the utilities split but I am planning to hold onto for a long time so splitting the utilities seems to make sense.

Liquidity is important if this is money you plan to put to work in the near term. 

Will you use the HELOC as a short-term bridge, or plan to hold it longer?

@Ryan Daniel  I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection in relation to real estate investments.

@Jacob AndersonI've only used my HELOC for investing when I have a quick exit plan.

For down payment, plan to need 30-40%.

And yes, there is a risk that your rates would go up or they can drop you - but unfortunately, many insurers in that are may already be planning to exit the market or raise rates on everyone to make up for loses.One thing to note about a claim like this, insurance will usually pay for repairs to the damage caused by the problem, but not fixing the actual pipe that broke.