Is this the correct strategy to use?

Why not price it correctly and get it sold?  

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/blog/The site has quite a few tools that can be helpful for new members.

If you price it correctly, it should sell soon. 

All the negatives already written about HELOCs are correct.

We are due for a slight correction, but those generally quite nuanced and they happen on a neighborhood-by-neighborhood basis (example: the prices drop 2%-5% for a quarter or two in a specific neighborhood).Q2 set a benchmark. 1/3 of all SFH sales were sold for $2m+, and the median sale price for a SFH was $1.62m, which was a 13% YTY increase. 

@Andrew Boettcher is correct.  

I would recommend you do as many of the calculators under tools to learn how they function.

A draw schedule could look like Spare rooms 1wk (week 1) 100%= 10kMaster bedroom 2wks (50% week1, 50%week2) = 15kBathroom 1 wk (week 1) 100%=15kKitchen/Living Room 4 Weeks (25% ea week)= 12.5, 12.5, 12.5, 12.5This should allow you enough oversight to catch stuff as it comes up and correct it before it's too late... and again it was a generic example ignore the costs.

Given the work I've done on our current house I already have any/all tools I'd need, and I'm confident I can do the work.