Need advice on how to leverage my home equity for first rental property

[Joshua Lashley]

Hey BP family,

First time poster and real estate rookie here! Thank you all for your time. I really want to purchase my first rental property and I was seeking out advice.

Back in October of 2022, I purchased my first home in a suburb neighborhood from my mother/father-in-law for $160,000 and the home appraised for $220,000, which gives me around $60,000 of equity. I have learned about the 3 ways to get the equity out of my home: Cash out refi, home equity loan, and HLOC. 

I was looking into purchasing a rental property or a fix and flip for around the $80,000-$100,000 mark. 

1) Which loan type seems the most appropriate for my circumstance?

2) For someone with no experience, should I focus on fix and flip, or short term rental and my model for my first property?