Cash-Out Refi, HELOC, or Wait?

[Christopher B.]

I am currently looking to access the equity ($50k) in my duplex. I have talked with a few banks and my options are:

1. Refinance at 4%, 20yrs fixed with a HELOC up to 80% LTV with a 4.5% rate

2. Cash-out refinance 4.5%, 30yrs fixed

3. Refinance at 3.75, 30yrs fixed but have to wait 1yr before they will let me set-up a HELOC.

Obviously I would prefer 3.75% but at this point am not really willing to wait another year before I have funds to move forward with other investments. The difference in my monthly payment for the cash-out vs 4% refinance is $27/month. At this point it seems like a cash-out refinance is a better route so I wont have to pay interest on my HELOC each time I put money into a deal? Any advice?