Primary residence turned into Rental- Refinance options

[Elmer Javier]

Newbie here. I have recently turned my primary residence of 14yrs into a rental property. I still have the original 30yr mortgage on the house. I purchased another house that I plan on doing some upgrades/updates to it. I have a good amount of equity from the rental house but I'm not sure how to tap into it. Is it possible to apply for a HELOC when it's no longer "owner occupied" or refinance it as an investment property and pay a slightly higher interest rate? Pros and cons please...Thanks in advance!