Which way do we go?!

[Wendell HII]

My wife and I are currently working in our professional careers and are working our way into REI. We are currently 2.5 years into a land Installment contract on our 1st multifamily home, with a balloon payment due at the end of 2021. We were recently approved for a VA Loan, and are considering purchasing another multifamily property.

The question is, should we refinance the current property we are in, take out a home equity line of credit (which should yield $60k to $75k) and purchase a BRRRR property instead? My gut tells me we would be better off with 2 cash flowing properties, instead of 1 and a rehab, but we are also concerned with not getting financing in time to take care of the balloon payment if we commit to our 2nd property with the VA loan.

We welcome any advice as we are new to this venture