If you are NOT in a negative cash flow situation I would definitely keep it for the rest of your life. 

Won't be impossible, but harder for A and B communities to cash flow in this market.

@Jo BautistaIn general I always recommend keeping properties and renting them out, especially if they cash flow. 

I guess in this situation it’s a matter of trying to build as much equity in a house vs being able to cash flow the property afterwards when I go to refinance.

This excludes any operating cash flow Your renovation can be funded by debt or by equity.Just by glancing at the biggerpockets performa, your biggest issue isn’t your purchase price it’s a negative NOI.

Higher interest rates continue to make it more difficult, especially for an investor that is looking to house hack, cash flow, or DSCR loans on the commercial side are a nightmare. 

Can you find a way to squeeze some cash flow from other areas of your life to fund the loan payment? 

But make sure it is indeed allowed as most properties underwritten as a STR won't cash flow with longer rentals so be diligent there. 

Because it's my first property I want to take advantage of the higher cash flow I should receive because of my low mortgage payment.I'm more interested in just establishing the HELOC before it becomes an investment property so I have access to the extra funds should I need them.

Hope to buy my first cash flowing property this year.