I would both buy a property to get your feet wet and at the same time make a plan to scale.  

I took quite a break from buying properties and now on the hunt again.

local REIA groups are filled with investors looking to buy properties.

Many people don't buy because they are concerned about this and that.

I posted on Facebook that I was looking to buy a flip, and a fellow agent sent me some details about a property she was going to list.

For lending, your rates are going to be higher than if you were to buy under personal name.

My local cable, internet, cell and utility companies are already using it to field calls and answer questions online and phone.

We ran out of time which caused us to buy a couple properties we probably shouldn't have at the bottom of our exchange list.The better ones were sold before we could buy them. 

I would suggest you do both of what you suggest - meaning get either a new mortgage (more conservative route) or HELOC on the townhome and use those funds to buy your next investment property.

Little background behind the door: It's a MDF cheap one you buy at HD or Lowes.