Quote from @Nilusha Jayasinghe: Hey all, I'm a smalltime investor currently living in a flat of a Chicago 2-flat while renting the other out, and also have a SFH rental in OH. 

This residence features 3 bedrooms and 3.5 bathrooms, encompassing approximately 1,700 square feet of living space.

Here’s my two cents:Paying off the condo might make sense if your main goal is to reduce risk and enjoy the peace of mind that comes with no mortgage.

Was it for a place to live for work before they found a permanent location or was it used for someone wanting to stay in the area as a 2nd home for the winter months?

Where I live, we still have a severe shortage of homes--median time on market is still 7 days and it would likely be shorter if not for delayed negations being the norm. 

Is this a LT residential interest or more like a shared sober house living situation?

It's actually harder if you are currently living in the property, want to cash out, and then have it as a rental as you haven't proven to the bank that the property will cash flow $600 a month on top of the NEW mortgage costs. 1.

(IF you purchased and lived in property asap, then rented it out, then returned to it it sell it years later - better plan.

In BC there are extra taxes if you use the home for short term rentals (unless you are living there).

But this will also lead to future inflation.The issue is going to be the rich will get richer as they can live with lower cash flow but gain appreciation.