I would definitely not do it. I like liquidity. You should only use your equity line for emergencies and not speculation, especially when it comes to housing. Real estate takes much patience and I don't think you'll make much money on rental property over next 10 years.
I think housing generally rents out for 6 to 9% of fair market value. By the time you add up interest expense, maintenance, property taxes, management fee, insurance etc. I don't think there is much left. Of course you can depreciate the property to shield income but it does lower your cost basis.