$200k in cash from HELOC, need to make a choice

[Jade Smith]

Coming to you from Los Angeles.  Need advice.

We've lived in our house for almost 10 years, during which we have grown about $600k in equity. We just pulled out $200k with a HELOC with the intention of doing some home improvements. The house is in good shape generally, but could use updating in the bathrooms and kitchen. Our orignal thinking was to get the house ready to lease or convert to a short term rental. We want to move this property into the assest column! However, I am itching to start growing a real estate portfolio (first focused on cash flow and then on equity). I am wondering if it would be more prudent to use the capital for a BRRRR, flip or multi-family? I'd like to invest in LA since it is where we are and what we know, but it is an expensive market. Willing to go into class c markets, but even then it's expensive entry. Any advice is welcome. Thank you.