Cash Out Refinance Versus HELOC

[Russell Thomas]

Should I do a cash out refinance or HELOC. I am in the final stages of a VA assumption, that was gifted to me by a family member with all its equity. The house is in San Antonio and is my stated, Primary Residence. However, I work in the oilfield and spend most of my time in Odessa Texas, at an apartment that I am renting. The balance on the Loan is 40k. The value of the house as is, without improvements is 270k, so that means there is at least 230000 k of Equity in the home. I am a veteran also. I would like to purchase a home in Odessa where I am. Secondly I would like sell the San Antonio house after doing some updates . Should I refinance to conventional loan at closing, and be able to use my VA again in Odessa or should I use a HELOC.

Thanks for your advice