HELOC vs cash out Refi??

[Jean-Thierry Aleman]

Hey gang, we just bought a  condo (not our primary residence) for 50k with cash.  We did this so that we could make a stronger offer than our multiple competitors who were offering more $$s  but with financing.  In any case,  I am now trying to decide if I should go for the long term low interest rate of cash-out refi or should I get a line of credit against it?  We are thinking to try a flip next but ultimately, we are planning on getting more rentals, so the money will get used one way or another.  Not sure where to go from here??   All thoughts, strategies, input welcome. 

Thanks--JT