Holding forever vs. selling

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Hi guys, 

whats everyone's take on owning and holding property debt free vs calculating ROR/ IRR etc. and selling when you think returns are highest. I'm not asking about leveraging property vs. paying cash. I'm talking about paying off mortgages/ commercial loans in order to own the property 100%.

Also, If I decided to own commercial property debt free, how could I go about paying off the balloon payment to avoid refinancing and starting the clock over?