Some Helocs have less fees and requirements but you might be at a variable rate.If you want a large lump sum you can forecast paying off the debt service at a fixed rate over 30 years with fixed income, etc. that might be the way to go. 

Estimates we've gotten sit around 5.99% variable rates of a 40K cash out. 

Better to have 175K ish at 3.25% fixed and 25K ish on a variable HELOC at maybe 6%, than 200K at 6% fixed.

Most HELOC are variable rates until you make the draw and use the funds, some lender allow you to lock in the rate once the funds are drawn. 

Since you are working a W2 and going to college, you are likely working what is called "part time" or "variable income."

check out of state property owners,  code violations something that you can get from local governments,  tax liens, pre foreclosure, variable rate loans when the interest rates are rising, properties that are interfamily transfers, water shut off list. 

The other is saying a cash out refinance is better (current rates ~6%, new 30 year) because it will look better to lenders for future loans based on not having a variable rate and also suggests that appraisals come in lower for HELOCs versus cash out refi, thus lowering the amount of cash I will have access to.

It is usually a variable rate . 

Number one, HELOCS are variable interest rate lines of credit so be sure to talk to the lender about how frequently they can change and what the cap rate is.

Just remember that most to all hloc's are variable rate...