What would you do with 150k

[Tye S.]

Had a client who wants to get into investment properties pose this question and I wanted to get other's opinions.  

Here's the situation:

Client has a rental that they owe 150k on.  They have the means to pay it off and still have a little money in the bank.  The property is worth 350k.  

Here's the question:

Would you take the 150k and pay off the note to secure a HELOC worth $262,500 (75%) OR would you take the 150k and simply invest it into other properties?