HELOC and Refi to increase liquidity?

[Tobey Grey]

I have a 80% LTV on a conventional loan at 3.85%. I'm wondering if it's possible to take advantage of lower rates and do a HELOC at the same time? Is this newbie thinking? I'd like to avoid double appraisal fees, and I have a small business that will show a significant income drop during the pandemic so I feel like I'm more likely to secure a loan with my current situation on paper than If I wait.

My goals are to finish the rehab and get tenants, and to create some access to cash for options in the future. I'd love to get a second property and am hoping that the market will soften though doubtful it will fall far as I'm in the Bay Area. As my small business will take a hit over the next year I would like to create more security with rental income. Any advice is greatly appreciated!