I like a HELOC for an emergency fund, as well. 

It all depends on your goals.I house hacked a condo, did a HELOC and FHA 203(k) to house hack the second one.

The 2nd question is should we pursue the investment property even though we are more cash strapped than normal due to the remodel and if so, would using a HELOC make sense? 

If that is the case, consider doing a cash-out refinance since you have your HELOC tied up in it. 

They have a HELOC of ~$60kNumbers:Comps suggest ~$199.5/sqft (max 2,020 sqft)Estimated ARV: $335k (based on comps)Potential rent: $1,975-$2,000/monthQuestion: Do these numbers seem reasonable for the Braselton market?

And or course, short term loan for HELOC and then refinance later.

We do have a HELOC on the property with available funds.

Would using a Home Equity Line of Credit (HELOC) be a good move?

Save more for a maybe a year and then get a HELOC if possible and buy the second one.

To the OP: I wouldn't sink $500k into one building and be careful about over leveraging (taking out equity with re-finances or HELOCs), especially if you want to quit your insurance job.