Newbie Question: Strategy for buying a second home?

[Joshua White]

Hello,

I purchased my home during February 2018 for approximately $210,000 in Boise, Idaho. I had a market analysis completed by my realtor recently and I'm looking to purchase a second home that will better accommodate my needs and my side business (hunting dog training/breeding/boarding). I owe around 195k on the the house, and the refinance value was around $280k, sale of $285k plus. Is there any advantages to taking out a HELOC vs a cash out refinance? Any other strategies to consider. I'd like to keep the first home as a rental and a future asset.

Thank you!

Josh