How to use the equity in a secondary/vacation property?

[Jeremy Gonzalez]

Hey BP community!  I'm wondering what to do with the equity I have built up in my secondary/vacation property?

According to the realtor I work with it can be listed for 150k and I currently owe 48k.  With my awesome math skills I was able to calculate equity of about 100k. What would be the best approach for tapping into this equity?  I estimate I would need about 20-40k out of the equity to supplement the cash I have on hand and pursue the type deal I'm looking for.

I'm conflicted with all the information out there.  I hear HELOCs and HELs are for primary properties (not secondary homes) and I don't think a cash-out refi is the way to go because my mortgage balance is so low.

Lastly would it be advised to just pay it off?  I'm sure savvy investors will cringe at this thought but figured I'd lay all the options on the table for discussion.

Thanks,

Jeremy G.