HELOC vs Cash Out Refi

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Curious what others see as the pros and cons of a cash out refi vs a HELOC. I'm refinancing a property now to lock in a rate and think saving some equity for a HELOC might be a good option. I have a lender that can do a HELOC at 80% LTV on an investment property. My logic with the HELOC is that I can draw from it - purchase a property, pay the HELOC down and keep a higher cash flow on that property vs pulling cash out. Then after I paid it down I have access to the HELOC again to repeat. Thoughts?

@Erik Sherburne I have used both tools in my investing career. In fact, I used both tools to purchase my first deal! I had to do a cash out refi and a HELOC on my Riverside home in order to have enough to purchase my four unit deal.

The advantage to the cash out refi is that you are fixing your rate. It is better if you want to hold the property long term and pay down principle. The advantage to the HELOC is that the closing costs are way less, but typically they don't have a fixed rate and the amortization schedule is a lot shorter. I would do a HELOC as long as you are going to aggressively pay it down and re-use it.