Accidental landlord turning investor- tips?

[Sara Hinton]

I own a home that was a previous primary residence in Philadelphia. When I moved out, my comps were low due to some interesting deal, and it made more sense to hold the property and rent it until the offending comps fell off. It has been about 2.5 years and we have purchased a SFH while still holding onto the Philly house.

We are at a crossroads. We would like to start becoming actual investors, but are debating the best way to start. We are both employed full time with strong salaries. The rental is tenant occupied until Spring 2021. Should we:

1.) Sell in the Spring and use the proceeds to purchase investment properties?

2.) Do a cash-out refi now and use the equity for an investment property? (aprox equity $120k)

3.) Obtain a HELOC and use that for an investment property?

Thanks in advance for any advice you may share!!