Refinancing into a jumbo loan?

[Reid Howland]

Hello- I am currently in the process of refinancing and was hoping some investors could give me some advice. 

Here are some details on the situation:

6 months ago we purchased a fixer duplex in Seattle area for 715k, we put 5% down. We put about 100k into it, and now got it reappraised in hopes to cash out to a 80% ltv.

It appraised at 1.1Million. At 80% ltv our loan amount is going to be be 880k and in the jumbo category (which dramatically increases the cost of loan)

Our goal is to cash out as much as possible, so we can moved out of this property, have a cash flowing deal and do it again, but don't know what to do, and don't want to pay the steep prices of a jumbo loan. Someone mentioned to us doing a HELOC instead? Any advice would be helpful!