HELOC or Refinance on investment property

[Olu Efunwoye]

Trying to decide best strategy here: have a single family investment property currently valued at 110k with a loan bal 54k. I understand the cost associated with refi (appraisal, closing cost, points etc) vs heloc (appraisal). I also understand limited options in bank willing to do heloc on investment property. Plan is to use the fund for a down payment on another property. Qus 1: heloc or refi? Qus 2: if heloc, is it possible to use this fund for a down payment? If so, how? I haven't taken out a heloc before but i understand it works pretty much like a credit card. Will appreciate any inputs. Thank you all very much.