Home equity- refi or line of Credit

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Hello BP! I have a question about home equity. 
I am under contract to build my personal residence. The land was purchased and paid off $55k. The down payment and closing on the construction loan was $42k with no closing cost to bring it into a mortgage due to it being the same lender, making a total of $97k invested already. 
The note of the build is $350k with the estimated value of the new home to be $455k.

My question is if I should establish an equity line of credit up to $80k to use for purchasing rental properties out-right then refi on the rentals, or just refi the new house to have that liquid cash for the same purchasing power?