What is better investment property high rate HELOC or lower rate cash out refi

[Bhargav Joshi]

I have a townhouse in College Park, MD which was paid with cash, I would am building a vacation home looking for adding finance. Townhouse is a rental with yearly leases

1) Option 1 is a high interest rate HELOC on the townhouse, with low closing cost

3) Option 2  a low interest rate Cashout refinance, with high closing cost that includes transfer taxes and points