What is the risk of not having it or delaying getting it?

There are a lot of moving pieces ... identifying the property - having the vision for maximizing the ARV - estimating the rehab costs - negotiating to buy at the right price - keeping you in the loop as the work progresses - staying on schedule and on budget - maximizing the resale marketing and minimizing the overall hold time. 

With that said, I would house hack 3-4 units, take advantage of the 10 Fannie/Freddy loans available to you, and use minimal funds (3.5% down).

I'm relatively new to the industry, but I have never seen a loan that offers a "grace period" of sorts to delay any type of payment at all.

I thought they might be a great way to generate positive cashflow through AirBnB for a minimal cost.

I typically pay for properties cash and I usually leave the cash in the houses I get unless I need the cash for another project (Think of it as a delayed BRRRRR) I have fairly strict criteria so I don't pick up 20+ properties a year but I usually try to to get anywhere from 2-5 annually.  

Very minimal stuff in the units and they will be single occupancy. 

The object of that exercise is to minimize change orders ($$$) and to be sure that all three contractors are bidding on the same specs.

If the answer is yes, then go for it.Also keep in mind another great advantage of the HELOC is that unlike the hard money loan where you take it all out at once and pay interest on the entire loan, you can break up the withdrawals from the HELOC to minimize the interest costs.

We REALLY like the home and its location.We rent the house out with negative cashflow (about $200 which is very minimal impact to us).