Should I leverage my equity and add to the portfolio?

[Micah Jackson]

I have two STR properties in the Gatlinburg area. Currently owe $13,000.00 on cabin #1 and $235,000.00 on cabin #2. Each cabin would currently appraise between $900,000 and $950,000. I am trying to decide if I should leverage and purchase another property or payoff property #1 and then aggressively payoff property #2. Property #2 has a 2.9% rate and has 11 years 5 months left on the mortgage. Property #1 has a P and I payment of $2,000.00 a month that will be freed up soon. I have used the cabins profit to payoff cabin #1 the past few years. Both cabins gross around 75,000.00 to 80,000.00 each year and net around 55,000.00 to 60,000.0 per year.

I also have a commercial property worth 500,000.00 and owe 86,000.00 on it.  The interest rate is 5.4% on the commercial loan and it either needs to be paid off or refinanced in 3 years.  The payment is currently $1,100.00 per month.

My thought was get a Heloc or cash out refinance on cabin #1 and buy another STR rental with cash or also do a cash out refinance on the commercial building to have more cash to work with.