HELOC or Cash Out REFI

[Justin Harley]

I am new to real estate investing.  I’ve been listening to biggerpockets podcast, and reading books for a while now.  At this point, I’m just ready to take the plunge and start creating passive income.  I have approx 240-250K in equity in my home.  What would be the best option for the take and do I really need to take out all the equity or a portion?   

Next question, would I be an idiot to buy long distance (2 hours) from my home town or would I be better off starting out local?  

Thanks for the input guys.  Looking forward to reading the replies.