Strategic Advice for Next Rental Property

[Ian L.]

Hi BP!

I currently own a rental condo free and clear. I plan to refinance the condo to use the proceeds for my next rental property. 

I’m looking for strategic advice on whether the refinance should be in the form of a line of credit or term loan. What factors should be considered to leverage one vs the other? 

The loan proceeds can likely be used for not just one but many properties since it will be used as down deposit for similarly priced homes. So splitting will be needed as part of financing.