HELOC vs. Cash Out Refi

[Dan Shelhamer]

HELOC or Cash out Refi? This may be a dumb question, but just wondering which one is better to use? Which one is a cheaper way to do it, or are they basically the same thing?

I currently owe $176k on my primary residence, and it is worth $225-230k.  Also, a current rental property I am looking at would have roughly $68k in equity after fixing it up if my numbers are correct.  Is their a way to pull out the equity on both of these properties in order to then have 80-90% of $117k (total equity in both).  Then be able to buy 2-3 more properties with that.  Also, want to make sure I am not over leveraging myself but my strategy is long-term hold so I'm not sure if that even matters.  Please let me know your thoughts/advice.

Thanks in advance!!