I do understand the 3 options but in my mind I had already discarded the home loan option.I am just debating whether I should refinance and free up some cash and lock in a lower rate or refinance (with no money out) and after the refinance closes, apply for a HELOC.

Since you're unfamiliar with the process, it's safe to assume you're not familiar with contracts, contract law, surveys, title, valuation, etc., so you may find it difficult to secure an assignee if the contract is poorly drafted or your ask price is way off.1. 

For anyone not familiar with Central Texas, they're going to think you're hocking a loogie. 

I'd consider networking on BP with Agents in your area that are familiar with this transaction, they can guide you to what lender to go through.

Create a radius or a corridor that you become familiar with, or choose 2-3 if you find that your area does not have enough multi-familys.Become familiar with the market rate for multi-familys in those areas and start to identify the prices in relation to features of the properties - you will soon start to see a pattern emerging.

I'm not sure if you are familiar with Think Multifamily based out of Dallas, TX?

Can anyone local or who is familiar with this area shed some light on this?

I typically will "help" the appraiser do their job by bringing valid comps with details on each comp as many appraisers come from out of area at times and are not familiar enough to do a proper job so it is often up to the investor to make sure the job gets done right.

Since this is the first time i'm investing in a building, i'm a little clueless as to what sort of CapEx expenses i should anticipate, unlike with the SFH i'm fairly familiar. 

Being familiar with the local ordinances and design criteria is critical to success while avoiding costly and easily avoidable mistakes due to lack experience in that jurisdiction.