Best Way To Purchase Home

[Theodore Storl-Desmond]

Hello,

This is my first post on Bigger Pockets! I have a somewhat complex situation and need some advice... I just purchased my parent's farm in Illinois for $220,000, and it was appraised for $415,000. I'd like to purchase another property with this equity, specifically a property I'm familiar with in Pennsylvania for $125,000. How would you recommend I purchase this second property? Should I pay for it outright in cash through a HELOC, cash out refinance, home equity loan, or something else I'm missing? Or should I finance it with a secondary or investment property loan? I do plan on living in it for part of the year, so it should qualify for a secondary home loan. However, I may want to LTR the property in the future. Any advice is appreciated!

Thanks,

Theodore