What is the best HELOC Strategy?

[Anthony R.]

So I've grown to 12 units over the last 5 years and I want to double in size in the next year.  

I'm considering two options for financing.

HELOC:

I have about 140k available in a HELOC for my current house hack. Using this would make this building a little better than break even in rent until I move out and am able to rent the unit I'm living in.

COR:

I have about 42k available in a cash out refinance for a building I bought earlier this year. This also happens to be the amount of my down payment and rehab costs. I have to wait another 6 months to get it out though. 

So the question is, what is the best way to use these options to pick up another 12 units over the next 12 months?

Strategies I'm considering:

• Use the entire HELOC for a down payment on at 12 unit complex. My worry here is the long amount of time I'd have to carry this extra debt, and that it might sour an otherwise good deal with this payment on top of a commercial loan.
• Use a chunk of the HELOC for a small single family, rehab it and refinance it to get my money back to pay off the HELOC.
• Use the cash out refinance as a down payment on something smaller for more BRRR action

Is there a path I'm not seeing? Is there a better option?