Getting refinance on paid off investment property?

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First, I want to state that I'm new, but I haven't been able to find this information anywhere.

I'm looking to take a stab at building a home I will be living in (renting out the rooms), and I was curious to know if it would be possible to leverage my parents' investment property. They own one investment property outside their home that is paid off (they are still paying off their house). I was hoping to combine some of my savings and money from this property to purchase land.

I understand one option is to take a equity loan, but I'm curious to know if there exists other options out there that do a cash out refinance on investment properties?