HELOC or Refinance first? for investment

[Matt Rath]

I want to make sure I'm understanding this correctly. 

I bought a duplex at 175k, have 160k left for payoff, and did lots of updates so the estimated worth is over 200k. This would give me 20% equity and allow me to look at a HELOC for buying second investment property. So do I

a) refinance to get rid of PMI and obtain a proven 20% LTV, then get HELOC or...

b) Apply for a HELOC without refinancing which comes with an appraisal I'm assuming that would show 20% LTV.

Thanks for any help!