Barriers to entry: Refinance vs term loan

[Adam Hancock]

Hey all, first post here in the community but I've been an educational lurker pretty much everywhere for a while now.

So I've finally managed to convince the wife to take the plunge into real estate with the help of a friend that has been wholesaling and flipping for about 10 years now with a very good rate of success. I have around 20k on hand and the goal is to get to around 50k so I can do the deals in my area and mainly within his window for a best scenario investment strategy. 

Problem is, the wife is very conservative when it comes to any kind of business or investment, so the options I have left are cash out refinance of our current home (115k equity 30 year at 3.85%) or a term loan (not sure of the terms yet) at 15% up front as a consultation fee which gets me 30-60k. 

I need some insight, some help, or a nudge that tells me to go ahead and do it or run away as well as which one would be a better option. With our multiple property options we are projected to pay all of this off in 90 days (pending closing of course). 

Thoughts?