Oh - need to back up a little bit.  

Not enough info here to tell for sure..So my 2nd and ultimate goal here is to make sure those who see this post and have dollar signs flashing in their eyes take a deep breath, do their homework, and have a back up plan (and a back up plan for their back up plan!).  

@Francesco Are you speaking of your "Sewer and Drain Backup" coverage.

So, now would be the time to focus efforts, before they jump back up to what it was.

I've paid off my credit cards that I used to renovate and my scores are back up where they need to be for a FHA loan w/203k. 

I just sold one that we had a back up contract that would have netted us about $6,000 more but the first was able to close in 4 weeks so we stuck with that.

I'd say  your comments are worth at least $20 ;)I think that having the HELOC as a backup, for repairs or for when that great cash deal comes along makes the most sense as you suggest.

My backup plan is short(er) term rentals through corporate leases and/or using travel nurse sites such as furnished finder.

If you didn't have to get off the roller coaster, it went back up.  

I don't want to dump all of my savings into a house right away, I would like to have some backup money just incase.