HELOC vs Home Equity Loan vs Cash Out refinance

[Kevin Charles]

Hello BP, 

So I have a sfh rental property that I am expecting to pay off fully in a few months. My plan is to use the equity in the rental to purchase additional rental property. What is the best way to pull cash out to do this? I am a little confused about the differences between HELOC, Home Equity loans, and cash out refinance. I understand that HELOC differs from Home equity loans in that they have a variable interest rate versus fixed for home equity loans but how does a cash out refinance compare and which is the best option on a fully paid off property?