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.

When I began investing in cabins in the Smokies, I made rule that I would only buy cabins on creeks or rivers where you can catch your dinner. 

Like what remotely with it being ran off of it's own internet paid for by the landlord for a cost 12x more than the $200?

BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy.

The property manager we work with offers reasonable rates for this service and will take care of inventory management, leasing, maintenance, and overall property management.Always buy a property that would also be a good long-term rental.

Investment Info:Single-family residence buy & hold investment.

Then, if you can trend over time you'll want to see where the "path of progress" is going/moving and attempt to buy in that path of progress to gain some appreciation in the future.

The current average rent on the new buy is $925.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

We also have many unique buyer incentives where an investor can get up to a 10% price reduction to come into immediate equity, or get that 10% as a cash back at closing to reduce your down payment and increase your ROI, or buy rates down into the low 4s on 30yr loans to maximize cash flow.