HELOC vs Refinancing

[Nick Bolding]

My wife and I currently have a paid off house and I have been itching to invest in real estate but my wife has been hesitant. We have began the process to apply for HELOC with a Regional Bank. We are trying to make a good sized draw to find a renovation on a family property to move into. After moving into the other property we will rent out our current which will have the HELOC. However, my main question (which may sound dumb) is, "in this scenario would it be better to Refinance the house, or go through with HELOC?"

I know the capital/liquidity would be the same but I’m wanting to know the major advantages of one over the other.