Refinance to get cash or use a HELOC

I am currently looking at how to finance my next deal. I have quite a bit of equity in a property I purchased in 2012 that I now rent out. Currently I am looking at either refinancing so I can purchase my next deal with cash or using a HELOC for the purchase and then refinancing after I rehab the new property.

The property I purchased was originally my residence and it now a rental but for all intents and purposes I am brand new to real estate investing.

I would love to hear from those who have used either of these strategies or any alternative ideas.