If you're planning to hold this rental for long time replacement is your best course of action.

If you are looking to get cash now I would move forward with a delayed finance.If you are looking to pull out the most amount of money possible, I'd look at a cash out refinance.Another option would be to do a bridge delayed finance, pull out some cash now, then refinance again 6 months down the line when the seasoning period is up.I would love to connect and share some ideas as I am working a couple similar loans as is right now.

Using a HELOC  is a great idea as it is essentially a cash purchase.

Buy and Hold?

I’m looking to invest in multi unit properties for long-term buy and hold and would need help financing.

It remains to be seen whether or not this law passes or another like it, but whereas we were at one point heavily-considering a second rental property here, we're holding off until we get a clearer sense as to how this will pan out.

You will learn basics, lingo, and get introduced to some different ideas. 

your in it 342k.. you sold for 375k  thats  33k profit before holding cost and sales commish.Most folks would have lost money on this deal if they had to pay realistic holding costs and sales costs.. ??????

Investment Info:Condo buy & hold investment.

You can listen to Shawn Terry's podcast to get the idea of how to do things and Michael Quarles podcast have live phone calls you can listen to that are very helpful.