I’m at about 80% LTV collectively with $100k in reserves (dry powder as they say) but minimal cash flow at the moment.

Hunker down  live far below your means  keep plenty of emergency cash which in your case is really gun powder to jump on the smokin deal..

Other houses I intended to BRRR but by the time they seasoned, my dry powder was restocked and I didn't need to refi. 

But if you feel that you'll be able to generate more money by investing them in something, then use them as your dry powder.

To me that is filling a keg with powder then playing with matches around it. 

In our America, with black guys using magic no-shave powder, bouffant and limp-locked blonde and mouse-brown-haired men who get away with one careless swipe at their whiskers with electrical contraptions, and Asian/Latino guys who are actually able to successfully use a dab of the perversion called "shaving gel" to remove the irregular wispy growth from their baby-soft-skinned chinny-chin-chins, the grim morning ablutions of the true warriors of the beard now often pass unremarked.Dang!

Most of my cash is deployed, but I'm building up some dry powder for MF opportunities in 2021.

What's with all that overpaint on the water line in the powder room? 

While there are many reasons why this is in no way like 2007 not the least of which is the trillions of dollars the Fed has injected into the economy that will take decades to get out of the system, certain trends are emerging that should be a signal to those of us that have been keeping our “powder dry” and those that are not overleveraged that opportunity may be emerging.  

If you do not need it for reserves it is fresh gun powder to bring down deals if the prices look good!