Financing dilemma: Home equity loan, line of credit, or refinance

[Chad Murray]

My wife and I are exploring options for financing our first rental properties.  We would like to free up some cash to make improvements on our current home, move out into a multi-family property, rent the other units in the property and then rent our current home.  We are researching home equity loans, home equity lines of credit, and the possibility of refinancing our current mortgage to free up the cash needed to make those improvements and make the down payment on the multi-family unit.  If you have had experience with one or more of these methods of financing, please share the advantages/disadvantages you have experienced.  Many thanks!