Refinancing dilemma .. Payoff HELOC or Use it to buy another one?

[Edison Reis]

Dear folks

We have 3 Properties that we acquired using our HELOC As the down payment few years ago.

One of the mortgages is coming up for renewal and considering the property value went up about 70% in 3years I am planning to refinance it and pull some money out. (Instead enjoying the LTV status)

So the question becomes ..... should I use the money to invest in another property or pay the HELOC?

I am currently inclined to buy another one as the HELOC interest is 100% tax deductible hence I may keep it as a "never ending" nor growing debt.

Thoughts ?

Thanks in advance

Edison