I have seen folks do similar in the past but it can be hard if you have any shifts in the sale market or the supply/reno side of things. 

Analyzing Market Cycle Shifts: Currently, I rely on the CNN Fear Index for market insights, but I know it may not be the most reliable indicator.

Even if the market shifted and my flip becomes a rental or Airbnb, I can still refi the property to pay off my HELOC, if needed.Second, as you note, if you are already having a hard time cash flowing, you will be cash flow negative with additional debt, and/or your next investment will not be cash flowing.  

As the rate goes up you need to speed up your paydown or look at shifting the debt to LT debt.

Well in my case it' more like 80%  because I just want to help investors have a better understanding and shift your paradigms by helping you experience for yourself that it is a reality that you Can live. 

The time is lost before shifting to another deal.

I've always counseled my borrowers to exhaust their conventional sources for financing first before shifting to portfolio, but if you don't qualify for some reason, that's the next best option. 

.#1- The biggest opportunity in this market in my opinion is the opportunity to invest in STR and MTRs - your target market for these is traveling nurses and doctors who have a higher budget and will be using the property for Rest and Relaxation after a shift at the hospital.

Weather patterns might shift but since a lot of AZ water comes from the Colorado river basin and that covers a HUGE area I am betting that water will still flow to AZ eventually.  3)  If the planet warms northern climates will have longer growing seasons, absorbing more carbon.  4)  If the oceans warm there will likely be more plankton growth, absorbing more carbon.

Here is a website that shows population shift by area.