What to do with Current Rental- Refi, HELOC, cash-out Refi?

[Michael Rodrigues]

I'm looking for advice on what to do with a current rental property. It was purchased using 30 Year FHA loan at 3.5%. I currently rent it out and have another primary. I owe about $160k and it seems to now be worth $245k, compared to when I bought it at $179k about 5 years ago. My goal is to get into another rental property while keeping this one. I don't think I have quite enough equity to make a HELOC worth it at just 75% LTV. With my goal in mind, and having little capital on hand, Would you: - Refi to get rid of PMI... wouldn't necessarily give me instant cash to put down, but would increase cash flow, no? - Cash-Out Refi to get some cash to put down on the next property (I'm assuming I could cash out $60k or so) - HELOC Thank you!