Heloc vs refinance: what would you do?

[Katie Jewell]

What would you do? Our first property we bought as a personal place to live on a 15 year note from a family member in 2012. We have paid about half of the life of the note obviously. In that time, we moved, kept it as a cash flowing rental and the property has increased in value from 85k to 200k. We have never tapped into the equity in that property and would like to now to do our next deal. Would you refinance it or would you take out a heloc? Would you pay off the note or just keep paying that as its already set up with a 4.5% interest rate?