What loan is best for current investment property?

[Nicolas Thatcher]

My wife and I bought our first property in June 2018 in East Austin as our primary residence with cash. Since then, I have bought another house (with mortgage) closer to town and now rent out the first property I bought in 2018 to a group of friends for $2,000 per month.

We are renting out parts of our new house (including the ADU) to other friends for a total of $3,450 per month with a total mortgage, interest and tax payment coming in at roughly $3,003 per month. This house is now our homestead.

This puts us at roughly $2,400 in Gross rent per month from both houses. With a total equity sitting at an estimated $650k between the two houses.

So now, my wife and I are looking to purchase our next property, but are finding it hard to decide how we are going to fund the purchase of this next house. A lot of information we find online is confusing and not entirely applicable to our situation. For example, our first property was bought with cash, so my guess is that a cash out refinancing or HELOC's are not an option for us.

Looking for some help and clarity from the BP community on what our best options are going to be for a BRRR property purchase which will also gives us the opportunity to continue repeating this method for at least 1 purchase per year.

Happy to answer any questions and expand on any of this in the comments.

Thanks in advance!