What to do? heloc? refinance?

[N/A N/A]

I have a rental that is 150k. it rents for 1250 and there is no mortgage. i have done some math recently and found that i can get more return on rental income if i own a total of 3 properties with 50k down on each.

Should i just get a heloc for 100k @ 8.24% and use that to put down 50 on the other 2 i want to buy? or refi the first one to get the 100k. I could avoid closing costs this way as helocs are free to open. I also have 65k heloc on my primary residence.

thanks. Great forum.