Cash out refinance or Heloc

[Remone R.]

So I have a four unit property we bought for 505k fha 3.5% down 3.75% interest rate, that we’ve had for a year and looking to cash out refi to get a second property. BUT I’m not the appraisal will come back high enough to pull cash out since every bank I’ve called will only do 75% ltv owner occupied 4 unit. So I’m wondering in the situation the appraisal comes in low should I still refi to get rid of the fha mortgage insurance even at a higher interest rate or get a heloc to get the second property and then refi in a year to pay it off? With the interest rates going up I know it’s better to keep our current rate but how does that work with brrrr method if we can’t get enough cash out? Any suggestions