Some sleep better at night with zero debt, while others love to use leverage and are willing to take on more risk.Community banks right now will go with 80% LTV.

Booking lead time has been dramatically dropping over the last couple of years, and people booking week of is becoming more common, especially for smaller places. 

That would be a debt service cover ratio of 1.5.

.- If I use any of the above, can I use a portion of the money to pay off personal debt?

We've pre-leased ~225 beds out ~240 already for next year and 90% of our leads come from that.

I conducted title searches to confirm there are no liens and double-checked with the county to ensure there are no outstanding debts.

. $100 million equity & debt managed.

A strong buyers market indicates sellers price cutting and listings being bought under value which would lead to equity losses. 

And after observing @Benjamin Aaker in action I love how he manages his debt. 

You don't necessarily need to replace it with exactly $140k in debt, as long as the total purchase price meets or exceeds your sale price and all the proceeds are reinvested.Using Proceeds as a Down PaymentYes, your $300k could absolutely serve as a down payment on a larger property, like a $1.5M asset, depending on your financing.