Is it wise to take an equity line to purchase additional property?Buy fix rent refi.
There are several schools of thought on borrowing against your homestead to invest. Some say borrow all you can and some say do not risk your home. Here in Texas you can only borrow 80% LTV if it is your homestead and you are trying to pull out cash. There are exceptions like paying off IRS liens etc. Some states like Ca. you can borrow up to 107% I believe it is. It is really up to the laws in your state and your personal feelings.
If you decide to borrow and can I would suggest that it be a slam dunk no brainer deal and short tern in nature. This way you will not have at much risk. I have been borrowing almost 100% against the deals I am doing with small seconds from private individuals at higher rates of interest. This may be an avenue for you too.