CASH vs HELOC for down payment

[Edward Norman]

So I'm getting ready to close on a property in a couple weeks and will need 40k to close. I have that in my bank but if I use it for the down payment I'll have little to no "cash" reserves. I have a 70k HELOC which i originally intended to use for the down payment, pay it back and repeat. But now wondering it it makes sense to use cash to avoid the interest only payments. I suppose I could use the HELOC as cash reserves but I guess I just like the comfort of cash (which may or may not actually make sense).

Any thoughts or recommendations appreciated.