Financing our second deal

[Jeff Smith]

My wife and I purchased a rental property in 2018 for $153k. It currently rents for $1800/month and we enjoy the positive cash flow as well as the market appreciation (~$245k).

We want to purchase our second property and are interested in perspectives on financing, including HELOC on our primary residence vs. cash out refi on the investment property. Ultimately, we would like to try BRRRR, but are wondering if we can skip the hard money portion of the process by cashing out on our investment property since it has appreciated so much.

We welcome any advice!! Thanks!