Refi, HELOC, and mortgage on income property?

[Melanie Smith]

We’re preparing for our first income property. A quadplex about $220K.

We have $50k in the bank but to keep it for reserves, we were thinking about doing a HELOC, and using the HELOC funds as a down payment on the quadplex.

Since interest rates are so low we also thought about refinancing our home. 

I know you can do a refi and HELOC at the same time. My question is how will this affect us then applying for a mortgage on the quadplex?

We have excellent credit, and income.