Question about pulling equity out of rental property

[Dave S.]

I have a rental property with over 100k of equity. I want to access that money to buy another rental for a long term hold. I also want to keep the current rental that has the equity long term and not sell it. What is the most traditional strategy to for this? I would do a cash out refinance but the home was formerly a primary residence and the rate is fixed at a much lower rate then what I would get if I did a refi as a non owner occupied loan. I know it seems like a simple question but the only option I see is to do a HELOC or Home equity loan. I guess the home equity loan would make the most sense to fix the rate. Even though I might be paying 5% on the loan, the goal would be to control a larger new asset and experience the long term potential appreciation benefits of the new property as well. I would like to continue this process to continue acquiring more rentals long term, just want guidance for a blueprint for repeatable long term hold strategy to pull out equity. Thank you!

[John Thedford]

@Chris Mason may have some insight.