The BiggerPockets environment is so positive and motivating!

One of my long term goals is to own a luxury building in a major city and have numerous initiatives to install a strong sense of community in a young professional and hip environment.

Having that line of equity not only allowed me to rehab it, but gave me peace of mind for any surprises that popped up while it was rented.

@Vijay Hampapur, I'm so with you on the peace of living debt free that I'm an embarrassment to leverage happy 1031 investors and QIs every where.

Some of us are throwing $7k/mo+ at mortgages just because they bother us, are above 6% and the opportunity cost for our cash is low in the current environment.

Best thing to do I realize the sandbox your playing in and bring the right tools and right mindset to prosper in that environment. 

This is the market environment we are in right now.

Once you use the funds, if the rate environment is favorable, you can always refi into a fixed mortgage and consume your HELOC.

I'm not sure if anyone told you about the process with Maryland Dept of the Environment.

For someone just getting started, it might be better to buy it in your personal name so you can get the best financing, and then buy a good umbrella insurance policy (which is very inexpensive) for peace of mind.