Advice on funds source for next purchase
So, early October my wife and I purchased our first four unit property. We are house hacking. Two of the four units are occupied by us, mostly so we can renovate them and the other two units are rented out. We'd like to update those two units as well, but it is what it is. We purchased the property using my VA loan, zero money down. We paid a few thousand in closing costs, but that's pretty much it. The VA appraiser appraised the property for approximately $30,000 more than we paid for it. Six months from now, I would like to do some sort of cash out refinance to help fund the down payment for the next property.
Here's the skinny. We currently live in Southern California, but it is possible next summer, a few months after our six months (seasoning) is complete, We could be relocating to Texas for work (federal employee). Should I try to do a VA cash out refinance? Or can I refinance out of the VA loan into an FHA or conventional loan with a cash out option if the equity has increased on the property due to the improvements we've made, and the original appraisal, which I stated was $30,000 more than we paid for the property? What if I do a VA cash out refinance in April or May, and then in August I get my orders to Texas? Will that cause any issues with the (possible) new lender? I'm pretty confused on what makes the most sense. Please advise.
I'm just wondering the best way to go about getting the equity to use for the second purchase. I've also heard some people talk about a HELOC. Anything I should no about a HELOC, especially if it's on a property that I could be leaving a few months later?
Thanks in advance!