Refinancing an investment property in Illinois

[Drew Bittle]

Hello BP People! This is my first post. I live in California, but I have a studio condo in Buffalo Grove, IL with 52k owed and is worth 85k. I would like to get some cash out before interest rates go back up and/or before the market goes down to use as a down payment on a second rental in the future. I presently have a 5.125% rate. 

Should I refinance with cash out? Or refinance and then get a HELOC?

Also, whats your experience with using Quicken Loans (pros and cons)? Would you recommend using lenders in IL or does it matter?

Thanks in advance for the feedback.