Accessing home equity options

[Andy Collins]

I became a landlord by accident years back when I moved out of a condo and into a SFR and started renting it. I now want to proactively invest in more properties, but feel I need to access the equity in my condo or SFR to do so.

What options do you all suggest and why?  

• Cash-out refi on the condo or SFR
• HELOC on the SFR
• 1031 on the condo
• Something else?

The condo cash flows about $100/month, but has gained a lot of equity over the years.  My house has also gained in equity.  Both properties are on the Colorado Front Range.

1bd/1bath Condo

• Value - $300,000
• Principal Balance - $80,000
• Current Rent - $1,200
• HOA - $180
• Taxes - $1641
• Cash Flow - $100/month
• Tenant Lease End Date - March 2022

3bd/2bath House 

• Value - $465,000-$500,000
• Principal Balance - $278,400
• No HOA
• Taxes - $2,345

I feel like the 1031 on the condo would be the most advantageous route, especially since the property doesn't cash flow much and a refi would cause me to break even or maybe even go negative, but understand from some of the BP books that there's limited time to identify and buy properties that route.  

Really would appreciate any feedback.  Thanks!