Cash Out Refi vs. HELOC Pros and Cons

[Tyler Maten]

*Disclaimer* I know things may depend on a variety of different factors, just looking for people's thoughts / experiences.

- Hello BiggerPockets crew!! I have kind of hypothetical question, possibly a couple questions that I would love to hear some different opinions on. I'm located in Dallas, Texas if that matters any.

- If I have a home worth 200k, it's owned free and clear. I currently occupy the home. I want to pull cash out of the home to buy a rental property, and also maybe use some of the cash to get into a fixer upper, flip. Would it be best to get a HELOC or do a cash out refinance?

- What are some Pros and Cons of each?

- To get a HELOC does the home have to be in your personal name or can it be in a LLC?