Cash out re-fi or new investment loan

[Ken Vogel]

Ive got shallow pockets currently, looking to make my first deal in the next six months.  I own my primary residence and have $200k of equity, maybe a little more.  I also have a $70k in liquid savings and the ability to obtain a conventional loan.  What strategy would you use to finance your deal.  Cash out re-fi on the primary residence + savings or just take a loan and put 20-25% down to make the deal. 

Pros and Cons of each method please.  

Thanks for your insight!