I agree. The answer here is "it depends". There is a lot to consider, including interest rates, rental values and the rental market, current market for rental properties, potential cash flow of the investment among other things. Since both offer tax benefits, you will need to be aware of the tax advantages and consequences of both.
I think you need to have a detailed side by side comparision of both scenarios to determine which makes the most financial sense over the short and long terms.
Discuss with your lender, financial professional and your tax professional to determine your best options.
Joe
Source: http://www.zillow.com/advice-thread/Finance-question-which-one-first-refinance-or-loan-on-investment-home/464004/
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