If the property that will secure the loan is residential real estate and the property to be purchased is residential real estate (does not have to be the same property), the loan will be HMDA reportable. The renovation doesn't matter because the loan will be reported as purchase.
Also, by investment property we are assuming you mean rental property.
If the proceeds were not being used to purchase or improve, and the property had no prior lien being paid off, the loan would not be reportable as a refinance. A refinance must be to the same borrowers and both the old and new loans must be secured by residential real estate. That is what you are remembering about "cash out".