What's the cheapest way to tap into rental equity?

[Beto Menegocci]

I'm new to BiggerPockets, but have already learned a lot from reading through some posts! We currently have one rental property that is cash flow positive and has substantial equity built up. We are considering tapping into some of it to purchase a second rental in the area. We have looked into cash out refi's, but we are being quoted interest rates that are 1% higher than what the averages are for primary residential properties, and much higher than what our current rental mortgage is at (it used to be our primary). Is there a cheaper way to tap into the equity than refinancing at a much higher rate? It seems that my only options are to either get a higher interest rate, which would raise my monthly payments and reduce my monthly cash flows, or sell the property.

Thank you!