Difference between Refi and Equity Loan?

[Max Maysonet]

I'm no property owner but I'm currently searching for my first House Hack.

I'm trying to learn as much as I can and I'm curious as to what would be a smarter way to go about liquidating funds for capital growth?

Let's say I rehab a multi-family (originally financed with a conventional loan), Should I refinance? Or just take a loan on the equity? Is it the same thing? Is it different? if so, How? Is a 1031 possible on both?

I have an idea, but I want to hear the thoughts of BiggerPockets.

Thanks!