House hack or cash out refi

[Christina Anderson]

Hey BP community! I've been stuck in analysis paralysis for the past few months and I wanted additional opinions to push me in the right direction. I have been househacking since 2015 and I am ready to buy my next property and rent out my current one, but I'm concerned about where the economy is going. Here are 2 options I'm considering: cash out refi my current place and wait for prices to cool off then buy multiple properties in a year or 2 OR I can buy another place now to house hack, rent out my current place (which will cash flow $600 if I'm not living there anymore), and possibly get a home equity loan (my house has doubled in value and I'd like to tap into the equity for future investments while interest rates are low). Any input is much appreciated!