What next?

[Dustin N.]

So my wife and I bought two properties at the beginning of the year and now that we have the hang of things and the rentals occupied, what do we do next with those units? The units are cashflowing about 800/month in total and we have approximately 15,000 in our real estate account. 

Whats the next best step? Do I save the cashflow for downpayment on another rental unit or use it to pay down the mortgages on the two rental units.

Long term, is the goal to have the rentals completely paid off and live off the cashflow or do I refinance it for another down payment? What percentage equity do I have to have in those to refinance it? Alternatively I could also sell it and do a 1031 exchange.

Any advice is appreciated!