Pay off HELOC with cash out refinance?

[Brandon Tedford]

$48,000 HELOC taken out of rental property #1. Bought rental property #2 with HELOC, spent $26k of own money for remodel, property is cash flowing ($1100 rent-$142 HELOC interest only pmt-$60 insurance=$898. Estimated tax at $1300/year).

House #2 ARV is estimated to be $130,000. Bank will loan $75 percent of appraisal at 4.875% rate= $97,500.

Should I...

A) Take the refi money, pay off $48,000 HELOC, pay myself back (a little bit), use remaining money as down payment on next property?

B) Take refi money, don't pay off HELOC, use that additional $48k to buy multi family/SFH/duplex or multiple properties?

C) Wait until March 2021 (1 year after purchasing #2), continue collecting rent, stockpiling money for emergencies, and do another HELOC on the equity in #2?

Or YOUR option D??