How to best strategize Equity on 2-4 family property.

[Remi Martin]

I have an investment 3 family, with 400k - 500k in equity.

My adj rate is currently 4%. and property needs work and only yielding $80 positive cash mo.. 

Thinkingof doing a cash out refi ~ 4.8% or HELOC but so far not finding investment property HELOC with reasonable rates and closing cost.

My goal is to fix property and purchase one or two more properties. With market so  hot and high I'm hoping to maintain low mortgages to decrease risk and be able to qualify for loan. I'm ok with breaking even or end up with small positive cash flow. Flipping is also a thought if market keeps climbing. 

Can my plan can be better strategized with the equity I have?