Should I pay off my Investment property

Dear financial gurus,

Investment property worth ~$450K. Started renting mid 2010. 
Current Mortage is ~$73K or monthly=$2100 ($1300 Principal, $300 interest, $500 Tax)

Monthly rental income $2,400. Depreciation $20K per year for tax filing.

Just happen to have enough money to pay off all $73K UPB.

Questions:
1. Should I pay off the mortgage at all? Pros and cons?

2. If I pay off and still want to get tax benefit, should I get a home equity line/loan and use the money for other purposes, e.g. buy new cars, home improvement etc?

Thanks in advance.