HELOC to purchase additional rental or pay down current one?

[Joe Vigurs]

Looking for the best option.

Have HELOC on primary residence (50K).

Rental property breaks even (gets $1750/mo.Used to be primary residence).

Owe 240K on rental. Valued at 275k (FHA loan with PMI fixed in).

Do I attempt to pay this down to have the property cash flow? Do I start an LLC and refi it into that (if possible with some of the HELOC money). Using those HELOC strategies to pay off mortgage in 5-7 years.

Do I just keep that property breaking even, increasing equity and net worth?

Or look for another rental deal with HELOC money?

Looking for advice on the best strategy and most money maker. Thanks for the help!