@Stepheni Larson it couldn't be easier! You simply find a local bank who will give you the most attractive terms possible. In my case, I am getting 90% LTV with a 5.99 % interest rate. There was no appraisal fee and no closing costs. The bank performs an appraisal (on their dollars) and then lends you the money. It feels like you are using a credit card in a lot of ways, because you only pay if you spend the money.
@John Warren stated, this is fairly easy as long as your credit and DTI are reasonable. Just remember that HELOCs are adjustable, and with the current fiscal environment, rates are likely to continue to raise in the future. With that being said, I am also going to utilize my HELOC to purchase some more properties.
@Stepheni Larson either option works, but I would use the HELOC. The interest is tax deductible (check with your CPA) and you retain your cash. You might even be able to deploy the cash in a few more months to another property!