A HELOC or cash-out refinance is definitely worth exploring if you want to free up capital for more investments, but make sure it fits your goals and comfort level.

@Sino U. feel free to reach out with any questions.

Most local banks and credit unions will have free accounts.You need two accounts: checking and savings. 

These items have me slightly concerned and weighs on my decision, making me want to "take the money and run".Question: Would you sell, abandoning a 3.125% interest rate, $1000/mo cashflow (which I believe would be roughly halved if a loan were taken for the capital improvements to the larger property), to lock in the equity gains tax-free made since 2020?

If you need any assistance or have questions, feel free to reach out. 

If I sold, I think it would be by a hair that I can offload the property for the balance despite a tax value of $440,000, but it would get it off my books completely and free up my VA loan to purchase again. 

My piece of advice would be to try to take advantage of as much free education as possible with podcasts, forums like these, YouTube, and other real estate investors.

Feel free to reach out at any time with any questions.

Start with BiggerPockets Ultimate Beginners Guide (free).

Feel free to PM me if you have any questions.