Cash out refinance and investment property HELP!!!!

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Here's the scenario:

I currently own a 3 family home in New York that has been appraised at 1.1M in the recent months. I currently have a HELOC out for about 150k for expenses that I have incurred over the past few years. I am looking into pulling out some equity and making an investment into another 2 or 3 family home to buy and hold and create some type of passive income.

My question is what are my options? I have heard a cash out refinance can pull out a substantial amount of money from the house (I would need anywhere from 300-500k for down payments and renovating). Are there lots of stipulations and hoops to jump through to do something like that (active income, other assets)? I know that the rent from the investment property would not count as my income when applying.

If anyone could shine some light on this subject I would appreciate it greatly!

Thanks,

Anthony T.