Looking for advice on using equity in my paid off property

[Jason Gaetaniello]

Hello,

I’m new to rental properties so I’m hoping to get some advice. I recently moved to a new home, but kept my old one to turn into rental. The property is completely paid off with a value of about $70k. I would like to remodel for around $15-20k. 

My question is, what the best loan option to use the equity in my home to finance the remodel? In researching I have become aware HELOCs can be difficult to get on rentals which was my first thought. 

Also, the property is still in my name, but I am considering transferring to an LLC prior to starting the rental process. Would this have an affect on the type of loan, or when I get the loan? I would assume if the property is changing ownership to an LLC I would need to wait and get the loan in the company name. I would also like to use any remaining equity to look at financing the purchase of another rental property, but I may be getting ahead of myself there.

Thanks for any advice you can provide!