Should I sell or Refinance?

[Connor Eigen]

Hi!

I need some advice  

So I bought a house a few years back with the intentions of doing a sort of "live and flip/rent". Im at the point now where all the rehab has been done and the value of the home has appreciated significantly. Im going back in forth in my head of which option would be best and would like to get some opinions.

Its a sfh that i purchased for 225k a few years ago and is now worth 350k. I have a mortgage balance of 204k. 

Originally I was planning on getting a heloc and renting the house out. I wouldn't have anywhere to live so I would have to use the heloc to put a down payment on a new primary. I was hoping to repeat the process by renovating the new house and doing a cash out refi to pay back the heloc. Then use the heloc to continue buying more properties. 

My issue with the heloc, if i understand it correctly. Is I will be adding another payment and if there is any vacancies I will have 3 payments!

The other option was to sell the house and basically do the same thing with the money I would make. Put a down payment on a new primary and renovate it. Cash out refi and then use that money to buy another rental.