Cash out Refinance vs HELOC

[Jonathan Deno]

Hey BP,

I'm having issues deciding on whether to Cash Out Refinance or take out a HELOC. Here is my situation:

I currently own and live in a five unit multi family. There is a good amount of Equity in the property. I am ready to purchase my first single family as my primary residence. My plan is to purchase a fixer upper with the equity I currently have in my multi family, while keeping the multi as a rental property. I read through the forum and came across this question plenty of times. But every scenario involved purchasing rental properties as opposed to purchasing a primary residence. Is there a difference or should I look at it in the same light?

Any information is much appreciated.