Cash out Refinance advice or HELOC

[Richard Miller]

So, I got denied a HELOC twice and when I tried another bank, they stopped taking applications because of the virus/economy. Not sure where else I can apply for one. But I can do a cash out refi. I currently have 1 rental property and would like add to that. I feel as though there will be a time in the some what near future where home prices will go down. I would like to have some liquidity during that time so I can purchase something.

Should I do the cash out refi? or wait for HELOC be offered again? I just like the HELOC because you can always use it and it doesn't add to the mortgage.

Any ideas or advice would be great. 

Thank you!