Advice on how to leverage paid off rental to buy 2nd rental.

[Andrew Royce]

So I own a rental property condo outright, it would probably appraise at around $50k. Im looking to purchase another in the next year and would like to borrow on my paid off rental. The condos I am targeting can be had for around $30-$35k in foreclosure and I will have around 10k cash to put down. 

So my question is what would you suggest the best way of going about this? Cash out refinance, HELOC, Home equity loan, Dont do it!??? Open to any advice or words of wisdom, thanks!