Can't decide between heloc or cash out refi

[Joey Swearingen]

First off I have a great payment $1100, and great interest rate 2.85% on my primary home, and I am itching to get another rental.  My current property will eventually become a rental but not yet.  I'm toying with the idea of using my equity instead of my cash but I'm not sure which route to go.  I know both have there pro's and cons but not sure which is the smartest in the long run.