The other property they buy will use maximum leverage so they can meet their reinvestment requirements.The free and clear replacement has concentrated your equity so if you ever want to access it you can easily get at it. 

Some look at credit cards for the score, others concentrate on mortgages and bills,

I spent most of my career working in Asheville and I know a few good realtors, but if that's not where you want to concentrate it would be a waste of your time.

Where are you at now - concentrating on THE DEAL or on building a PORTFOLIO?  

I get your frustration, but look at the bigger picture and concentrate on making this unit the best it can be while looking for unit number 3.

i would concentrate on the first property that's almost ready and get it done and rented so you have some income coming in. as long as you can afford to keep the other one then hold it.

I think I create really good houses (concentrating on the home's systems and use long wearing finishes), then have been screening my own tenants and selling as turn-key.

(Many gentryfyimg parts of DC are well beyond 2006 levels)Higher income areas with concentrations of wealth tend to carry less risk while lower and middle income areas carry more risk for significant drops in property values.

I would concentrate on finding applicants that you know will pass the board.

As to the BRRR thing, that's an old tactic, buy n hold, you're a victim to financial changes along the way, it is not infinite as the gurus claim, you have loan concentrations as you acquire more financing, your available LTVs will drop as inventory increases and hard money doesn't last for the long term.