Leveraging equity from multiple properties

[Andy W.]

Two of my properties hold approx. $75k each ($148k total) in equity. Both were purchased with a conventional mortgage (same lender) a little over two years ago and are privately-owned (no LLC).

I'd like to leverage as much of the equity as possible in order to buy a new property. Which method is preferable (assuming either is viable): refi/cash out or HELOC? Also is there a method of extracting the equity from both properties in a single transaction? Is that even advisable?

Thanks for your input,

Andy