Newbie asking: How to best use my $500,000 equity

[Maya Bulleit]

I have approximately $500,000 equity in my primary (and only) home. I have three goals and not sure which to tackle first. Curious to know what others would do.

1. Improvements on current primary home (new roof, exterior paint, perimeter wood fencing, etc.)
   1. we plan to hold/keep this property as rental
   2. financing: should we do re-fi cash out or HELOC?
2. Move up purchase (same size home, better layout, with larger lot, quieter neighborhood, etc.)
   1. financing: should we do re-fi cash out, HELOC, or traditional loan?
      
3. Small multi-family property investment(s)
1. financing: should we do re-fi cash out, HELOC, or traditional loan?

[Maya Bulleit]

Thank you @Scott Wolf, rents are high here in Oakland. I ran the comp rent numbers for this neighborhood and we would be in a good position, even with the cash out. We would do better with a MF investment, though.