Why not snowball the debt on real estate investments?

[Robbie Taylor]

I love the forums and the podcasts, but one constant I see is that people are looking to add more properties or refinance properties for cash to buy more properties etc.

Why don't more people start snowballing down the debt on their first properties with the cash flow from the 2nd and 3rd purchases and so on?  Is there a downside to owning free and clear?  If I look 10 years in my future I think I'd rather have $10,000+ a month in cash flow while managing a portfolio of 7-12 free and clear units (depends on your area) than managing a 40 unit portfolio with debt, responsibility, and moving parts.  Is it just all about personal goals or am I missing something big here?