Need Opinions - Financing Our First Investment Property

[Austin Hughes]

My wife and I are looking to purchase our first investment property. We are primarily looking in eastern TN, but have looked in NC and SC as well. However, our current roadblock is that we are a little short on funds for down payment/closing costs for any property.

We have explored doing a HELOC on our primary as we know that we can definitely get $50k from that. But we aren't sure if that is the best option to get additional funds. We could cash out refinance, but that would most likely lock us in to a higher rate on our primary.

With us being new to the game, are there any other financing options that anyone knows about that we possibly could take advantage of?