Recommended finance option for 1st time STR income property?

[Danny Valle]

My wife and I have talked about investing in a STR and occasionally using it as a vaca home for ourselves. We own our primary residence (no mortgage), and we believe we can make good use of our equity. We also have cash set aside for a downpayment if needed. We are learning more and more about HELOC and cash out refinance.

What are some recommendations to proceed? This being our 1st time doing this, we also want to grow at some point and invest in other properties once we get going with the first.