Refinance vs HELOC vs Nothing

[TJ Dowhan]

Hi, I would appreciate anyones insight or thoughts on my current situation. I Purchased a duplex over a year ago and have been house hacking since the purchase. Over this time, the area has appreciated dramatically but I have not added a ton of value to the property other than replacing the roof. I would like to capitalize on the high appreciation and possibly move it into more real estate or other investment options but i don't want to shoot my foot. 

My main concern at the moment is taking on too much debt and/or negative records on credit report as I will most likely be applying for an SBA loan to purchase a business before the end of 2021 (i work inside the business currently) and this could be a $500,000+ debt burden. So I would like to not over leverage in the mean time. I am early in the process but figured it would be worth getting some opinions.

Also, home is currently financed with a FHA Loan @ 3.5%

Would it be wise to engage banks on a cash out refinance?

or

Try to pull a HELOC on the property?

or 

Add more upgrades to further increase value?

or 

Just wait it out?

cleveland ohio