I recently got preapproved for a HELOC at approximately 38,000 and the house is worth around 285,000.

The new property can be purchased with the HELOC, but when doing your underwriting, the new property needs to be able to pay its own mortgage and the HELOC back.

Using the equity in your home via a heloc/2nd mortgage is an option, but your home will be at risk if your deal goes sideways and youre unable to make the payments.

Can’t get a heloc due to this.

I need about 150K cash out but my DTI is not able to support doing a HELOC (at least not enough to warrant doing one). 

-Current Assets: <$100k in cash, ~$300k in retirement accounts, Primary Residence (CA) ~$100k in equity, 1 LTR condo ~$200k in equity and a HELOC @ $80k to close this week hopefully :). 

I do have access to the following: - My primary with a 60k HELOC- A duplex with a 30k HELOC (taken some time ago...

You cannot take out a loan to use as a down payment unless you take out a HELOC on your primary home or do a cash out refinance. 

And would you cash out refi or heloc?

In addition to a strong W2, I have a HELOC to lean on.