What to do with all this cash flow???

[Chidi Osuji]

My two partners and I are making about $1500 per month in Cash flow only deducting the mortgage. If we put 10% away for maintenance, repairs and vacancy, we're left with a little over $1200 per month. What to do with that extra money is a topic of conversation. We can:

1) Take the cash flow and split all of it 3 ways to help with our personal finances

2) Take no money out and aggressively pay down the mortgage over a few years (we owe ~$82K) to get it off our records, own the place free and clear and eliminate mortgage payment (P&I ~$412/mo). Re-invest in RE with the equity

3) Take no money out and accumulate cash reserves to re-invest in building #2

4) A combination of 1 & 2 or 1 & 3. 

My thinking is there's no tax benefit to paying down the mortgage principal and I could use the extra money ($400/mo) now to pay bills. But don't want to be too short-sighted.

What do we do?