What would you do? Sell, Cashout, HELOC, or something else?

[Zachary J Strang]

I'm looking to acquire another rental and am unsure if I should use the equity from my first rental. 

The investment property details:

Investment

SFR

315k Value

198k Owed (62% LTV)

Currently on a VA loan at 2.875%.

Would you sell it? Invest the money into other projects? Would you do a Cashout refi, even though the rate will increase dramatically? Or do a HELOC? (I haven't found lenders doing these)