Are HELOANs good with rental properties???

[Brent Berg]

I have two houses in Florida with a lot of equity and low interest rates.  I looked at refinancing but the new rates are higher and the closing costs would be high.  I hadn't heard much about a HELOAN but it sounds like I could pull the money out, the combined interest rate between the two loans would be lower and it would still be fixed for 30 years.  The closing costs are also very minimal.  Am I missing something?  Also, I have a cash flow of about $500 per house per month right now.  With this HELOAN, I'm targeting a $0 cash flow but this would free up $140k to reinvest.  Is that a dumb move or a smart way to get more assets?