Heloc or Refi for debt & New Home Purchase

[Michael Perrotti]

I owe 250,000 on a condo. Same exact condo in my complex just sold for 500,000 last week. 

I have a some of high interest debt I used to start my business along with some personal debt I would like to pay off. Would also like to take some money out to help with down payment on a house this summer. 

Plan is to keep the condo and rent it. I have a 2.9 fixed rate. My Mortage with HOA is 2300 a month and I can rent my place for 3300 a month.

Trying to decide if it’s better to take a heloc and keep my rate or just refi. 

Any guidance would be greatly appreciated.