Best Way to Pull Equity from 2 Investment Properties

[Ben Morrow]

I have built significant equity in both of my single family investment properties and would like to tap the equity from both to put a down payment on a multifamily. I was planning to take advantage of the low rates and do a cash out refinance on both. However, just in the last week the rates have gone up significantly and are now higher than my existing rate by around .75-1%. Would a HELOC make more sense? Are there any other options that I have?