You can leverage the equity in other ways (HELOC, Refi). 

This can be through a HELOC, refinancing, or if one of your properties are paid off then you can put it up as collateral. 

Is it better to Cashout Refi or Refi and get a HELOC?

This would also give you more liquidity that if you needed additional cash in the future you could maybe get a HELOC or refinance them if needed

or wait for HELOC be offered again?

I've also read that the HELOC products were some of the first loans called during the last recession.

We are looking to use a HELOC to purchase, then do the cash out refi later on.

Again, no way of knowing if the reader understands you (This also can be interpreted as being lazy).It is not okay to start a sentence with an acronym.A few acronyms in our real estate industry:   CMBS-Commercial mortgage-backed securities   FDIC-Federal deposit insurance corporation    NOI-Net operating income    DSCR-Debt service coverage ratio    HELOC-Home equity line of credit I would love to hear some new acronyms unfamiliar to me.

If you can do jus the straight refi and the borrow with the HELOC, that's what I would do.

I still rent that property for a healthy cash flow, and use the equity I built into it on the rehab using a HELOC.