Better leverage option -Cash out Refi vs HELOC ?

[Par Attaran]

I have a paid off property I want to use as leverage to buy another. What do feel is the better leverage option?

Cash out Refi- Locked rate, lower payments, higher fees & closing costs, can only draw cash once. 

vs-

HELOC-Adjustable rate after the first year, higher payments, no fees or closing costs, can use it over and over again for 20 years.

?