HELOC VS CASHOUT REFI ? (BRRRR)

[Edward Adams]

Hi BP

I have a payoff rental property that worth $230K I would like to start BRRR.

I have 2 choices 

1. get a HELOC on my rental property and start the BRRR

2.get CASH OUT refi on my rental and start the BRRRR

I believe both have pros and cons, like if I get HELOC I don't pay interest while I am looking for deal, or if I get CASH OUT refi I don't need to be worry about interest rate going up and down.

Which one you think is better in my situation?

Thanks!