Is it wise to take a HELOC on my primary home to for the downpayment for a short term rental property?

It's a good option if you're looking to maximize rental income.Down Payment: It's wise not to borrow from your 401K or home equity if you can avoid it.

Quote from @James Wise: Quote from @Thomasina Pearce: Hello BP Fam!

We are moving towards where it is still possible to obtain them (normally based on the density of licenses already given) and at the same time where it makes sense investment-wise (attractivity for tourists). 

I'm going into real estate investment banking after graduation and thought it would be wise to get my hands dirty with a deal in the meantime.

To answer your question I'm not hiding from anything however I've been told it's wise to keep things an anonymous as possible. 

So diversification of asset classes with alternative uncorrelated assets is probably wise, and perhaps carrying lower leverage on STR/LTR going forwards. 

Given the complexity and potential tax-saving opportunities in real estate, it's wise to consider hiring a CPA with expertise in this field.Many clients who work with non-specialists find that their non-real estate preparers lack the specific knowledge to help them minimize taxes through strategies like depreciation, the de minimis safe harbor, partial asset dispositions, 1031 exchanges, navigating real estate professional status, the short-term rental loophole, and more.If you are looking to qualify as a real estate professional, use the short-term rental strategy, or complete a 1031 exchange, I would without a doubt recommend working with a real estate CPA.

Since I'm planning to do this from out of state, I'm uncertain if this is a wise decision, especially since it's my first time venturing into real estate.

It might be wise to have a contingency fund or plan in case costs exceed your initial estimates.Market Analysis: Ensure the rental demand in your area will support the rents you’re projecting.