Own home outright, want to pull out equity to invest!!

[Stelljes Tate]

Hi BP community. My grandfather is giving one of his properties, which is free and clear of any mortgage or liens. I plan to possibly rent the property and take out an HELOC or take out a mortgage on the property. I want to do this ASAP once the property is in my name, but not sure which process would be quicker to pull equity out the property?

Or are there any other suggestions, I am open to the best possible solution to pull out equity in the fastest time.

Also, the property is located in Phila. PA.

Thank you for your time and best of luck to everyone!!