Should I use HELOC for repairs or pay cash?

[Phil T.]

Looking for some advice on how best to use my cash.  I'm a new investor, but I own two duplexes in Indianapolis (my first two properties).  When I purchased them, both sides were occupied.  At the turn, all of the units will need some rehab (mainly cosmetic, carpets, paint, etc).  Both sides in one of the duplexes are month to month and both of the units in the other are leased until next fall.  

My question is this: I have the cash to cover the rehab on all of the properties, but I also have a HELOC that I could use as well. What would be the best way to deploy my cash? Should I use the cash to purchase another property or hold it to use for rehab when I get vacancies (which I'm not sure when that will be).

Just wanted to see what some people with more experience at this than me think.  Thanks! 

[Nathan Gesner]

@Phil T. As I said, it depends upon the price. I don't want to pay 5% interest or even 3% interest to paint a unit. I would rather save up the money and pay it with cash. If you had multiple renovations to make at once that would be a larger expense and difficult to save up for then a HELOC might make sense.