The downside of a HELOC is the variable rate.Upside of a Cash-Out Refinance is staying in a fixed rate and knowing what your monthly payment will be.

Given you haven’t provided any context ie credit score, 15 vs 30 yr, fixed or variable, it would be difficult to discern the rate.

I would just double-check some of the variables.

So many variables depending on your strategy and your budget. 

you will see: that the loan amount can be 70% of your ARV, that should be $910k Also, on the expenses note that the Fixed Landlord-Paid Expenses is a $$ amount and the Variable Landlord-Paid Expenses is a % to input. 

A HELOC is a variable interest rate...which means your payment could become higher. 

Even before costs went up there were too many variables to rely on the books numbers entirely, but the book is great for identifying scope of work and key issues to look for when evaluating the condition of each component of the house.

There are too many variables that can help or hinder your ability to take advantage of cost segregation and the 2014 Tangible Property Regulations (a look-back at items previously capitalized that can now be expensed).

Each of these variables will dramatically change the advice for the individual asking this question.

That's how I see the numbers, and the market is variable of course.