I’ve worked remotely from Salt Lake County for the past two years for a company in the Midwest. I’m currently eligible for a once in a lifetime promotion that could happen anytime within the next 12 months, but would require me to relocate. My kids are young enough that I would accept this promotion, and plan on coming back to Utah at some point. Because of this, currently we have no interest in selling our home in Utah, and would rent it out if we move. We also have interest in purchasing a home in the Midwest.

I’ve saved up enough cash to finish my basement at the home in Utah, or put money down on the house in the Midwest. Finishing the basement at the house in Utah would obviously increase value and rent. I’m currently leaning towards finishing the basement, and then opening a HELOC within the next 12 months to pay a down payment on a house in the Midwest and have as a backup in case of unexpected vacancies, repairs, etc while we’re renting the house out. The downside is that the promotion could happen as soon as this week, which would force a move this summer.

Here’s where I’m looking for advice: what would you do in this scenario in terms of using the cash, getting a HELOC, etc? Based on Zillow, Redfin, etc we have about 30% Equity at the home in Utah, and utilizing that 10% would definitely give us the financial flexibility that we need.