Suggestions for capital allocation?

[James G.]

I was hoping to get some opinions on where to put some capital I have. A quick summary of my circumstance. I own my own home which Is in a very nice neighborhood on long island in N.Y. I say this because over-renovating for the area is not a concern. I essentially purchased a house that needs some TLC but paid mostly for the area. I have aprox 150K to start investing in RE. In addition I also have a home equity line of 100K for renovations to my home. To get my house to the point that I would like, it will cost about 150K( as per a few quotes). I've also spoke with some real estate agents from my area and explained the work I have planned and all have said that the renovations will more than pay for themselves in terms of equity once re- appraised after the work is completed. Most say the renovations will increase the homes value beyond the money spent to renovate. I am however about 50 K short for the project. This brings me to my question.
Would it make more sense to take the 150k I have and spend it wholly on long term rentals ( my investing goals) or take 50 K out of that amount to add to the home equity line and go forward with the renovations which would be an investment in itself. That would leave me with aprox 100K toward my investing goals of long term rentals. I have been torn between the two and it would be great to get some opinions of experienced investors. Thank you in advance for any opinions/ suggestions.