I have done this a couple times. I like equity LOC’s because they are “refillable” and able to use again. With an amortized loan, that’s it until you refi and pay the closing costs again. Try to get an interest only payment and pay more whenever you can. As your balance drops your net cash flow increases. It’s like giving yourself a raise each year as the balance goes down. The interest will vary according to the market but you just have to plan for that. When it’s full you can use it again for the next investment or, move into the home and make it your primary residence and take out another LOC and do it all over again. Just do your numbers right and be careful because your home is on the line.
The biggest advantage would be speed. You have the money available immediately. Cash Now is always a strong negotiating point. The biggest disadvantage would be that the roof over your head is now tied to your investments. If your investment goes belly up, and you can’t cover it, you lose your home. This is why an unsecured LOC would be better than a home equity one would be.