1031, refinance, or HELOC

[J Gold]

I own an investment property that my wife and I obtained for a great deal in Vallejo, Ca in 2016. We lived in it for a couple years then needed to move for a new job opportunity. Long story short we rented the property out and it is cash flowing about $700.00 a month. A recent appraisal puts us at about $125,000 in equity.

We have a current eviction in place and are looking to grow our portfolio.The three options we have come to include doing a 1031 exchange for a similar property, in a better area, with similar cash flow potential. Keeping the orginal property and doing a refinance or using a HELOC for the purchase of a second property. We are new to all this and would some professional insight.

Thank you in advance for your time.