How much equity do you leave in when you refinance?

[Jon Campbell]

I bought a SFH for $56.5k, used my HELOC for the purchase and then paid $40k towards the draw so I have a balance of $15,781 on my HELOC at 3.25%.

Right now my cashflow is $299/mo and an 8.4% CoC.

When I refi in 6 mo, after an ARV of $82.5k, I can leave in 30% equity, cash out $40.2k and leave $2.7k invested. That would only cashflow $96/mo

Or

I could leave in 50% equity, cash out $23.7k, leave $19.2k invested and cashflow $165/mo

What’s the best way to look at this?

Thanks!