HELOC on a BRRRR in lieu of Cash-Out Refi?

[Michael Keane]

Hello BP Community!

I have completed rehabs on a small multifamily (duplex) investment property and the units are rented and cash flowing. Not I am getting ready to move to the next step in the BRRRR: Refi.

Currently, I have a 30-year fixed at 3.625% from the initial purchase of the property. 

With increasingly rising interest rates, if I do a cash-out refi, I'll lose the low interest rate. 

Does anyone have experience with taking out a HELOC on an investment property in lieu of a cash-out refi?

Advantages? Disadvantages? 

Welcoming insights on this...

Thank you!