Pay off and take Loan OR - Do a Cash Out Refi?

[Naveen Desai]

Hello, 

I am in a situation where I have equity in one property and some cash, enough to cover for another property for which my offer is accepted. 

Now, I am trying to get money streamlined. In the process, with the cash I have should I pay off the loan and take heLoc or  do a Cash out Refi on my current loan and buy this new property? 

What are pro's and con's in either approach?  Anyway at the end there is one loan and 2 properties. That is what I a trying to get at. Please advise. Also, any lenders who can help in this situation please get back to me. Properties are in different states, just an FYI at the moment.   Thanks.