Rookie in the REI world and ready to get my feet wet! What would you do if...

[Thomas Jaskulski]

Hey there BiggerPockets Community. My name is Tommy and I'm new to the REI world but I've had the desire to get into it since I bought my first home - primary residence in 2020 but never had the capital to start. I work a full time 9-5 and have a side business that I do on the weekends. I've got some cash saved up but no where near enough to cut it. Fast forward 4 years later and I had the epiphany that I can use the significant amount of equity in my home. I've been dealing with a local mortgage broker and have been approved for a $100K HELOC against my primary residence.

So lets talk strategy. I would use the HELOC for a down payment on the prospective investment property and then try to secure a conventional loan(right??). What are my options as far as securing that second mortgage and what would you recommend, Conventional, FHA, Hard Money?

Moving on, I've been house hacking for the past year by renting out a room in my house. It's not that sexy I know, but it's helped me learn and understand a lot with respect to having tenants. My ideal strategy would be to BRRRR but I want build my own capital before I start chasing cash flow.

Short term, I'd probably buy the next property and live in it while I'm adding value. Also, my current "room mate" has expressed her interest in renting my primary residence entirely so I think that's a smart option. I'm thinking that I should do a few value add flips to start and then once I have about $100K of my own capitol saved up, start the BRRRR's. 

Seeking any advice I can get from the community. 

So, what would you do if you were in my situation? Am I on the right track or do I need to go back to the drawing board?