The best route is whichever one pencils on a blended-rate basis for your situation, and that changes case by case. The three main paths are a cash-out refinance, a second mortgage (a fixed second or a HELOC on top of your existing loan), or selling one property and rotating the proceeds into the next. On an investment property, expect all of these to carry a higher rate and tighter debt-to-income and loan-to-value limits than the same product on a primary home. The deciding factor is usually the blended rate. If your current loan carries a low rate and a large balance, refinancing the whole thing to a higher rate to pull cash can cost more than the cash is worth; a second or HELOC that leaves the low-rate first alone often wins on a blended basis. If the existing balance is small relative to what you want to pull, a full cash-out refi may be cleaner. Your comfort with a variable HELOC rate is part of the call too. A few practical notes. Many big banks do not write HELOCs on investment properties, so those often come through brokers as niche products. If you hold several properties clustered near community banks, a blanket loan can cover multiple homes and even move them off your personal credit, which helps once you are past the standard Fannie/Freddie financed-property limit. Whatever route you pick, the new rent needs to cover the new payment and the next purchase has to cash-flow. Run the numbers over a multi-year horizon before committing; that is what the Roadmap call is for.