In that case, have you considered the option of using the HELOC to purchase the home & make renovations - while then renting it out for the time being, instead of worrying about renting out your current home (with flood concerns)? 

@James Bakun, A simultaneous exchange is the only other option other than what @Melanie P. laid out. 

The cheapest option isn’t always the best.

Short-term rentals come with fixed expenses like licensing, listing fees, and optional property management and furnishings.

Other options would be an LLC owns both homes and you each own half the LLC.

It's wise to thoroughly discuss your options with the property management company, consider your needs, and ensure clarity on contracts, insurance coverage, and benefits arrangements before making a decision.

If you are going to be doing all the legwork, guaranteeing notes and have the expertise to execute and all you need is capital, one of the first two options might be your best bet.

Regarding flooring and shower pan options, a shower receptacle paired with subway tile and small 1/2 inch tiles for the floor could be a practical choice.

Hello,I am hoping to gain some advice in deciding between multiple HELOC options.

One option you could also consider is looking for off-market deals, this could eliminate the urgency and you'll most likely find better deals as well.