Question about a Renovation

[Scott Po]

I bought a 4Bd/2Ba through creative financing. I have been DIYing it for 2 years and it is becoming a money sponge. It would cashflow because the interest rate is 2.2%.

My question is this;

At the end of my renovation I got hit with black mold in the "finished" basement. The basement was not waterproofed before the previous owner "finished" it. There is 1bd/1ba and an office in the basement. I currently have about $70k in equity in the property counting those rooms in the basement. 

Would it be prudent and ethical to get a HELOC? The reason I ask is that I'd be getting the $ from the Heloc to "unfinish" the basement to fix the black mold. That would negate that equity that I'm using to get the HELOC in the first place. Can I even get a HELOC with my LTV/Equity?

I was quoted $28k to remediate the mold. I could do that and also spend $ to "waterproof" the basement (vapor barrier/french drain). This would get my equity back in the property. 

[Jules Aton]

Got it. If you don't have funds available elsewhere that would make more sense to utilize and are able to obtain a HELOC for the renovations I don't see why that wouldn't be ethical. Also wanted to say sorry this happened.