You may also be able to "make your market" if you can hit a critical mass.

Lately I am seeing many investors (new and experienced) feel the hit of the market conditions.

Hit bunch of lenders and ask them if they are willing to close in 15 days?

Quote from @Bruce Woodruff: Quote from @Jay Hinrichs: Quote from @Bruce Woodruff: Quote from @John Clark  bought some slugs for my 20 guage would not want to get hit with one of those..

The ones using software are hit or miss if it takes less than 2 hours or DAYS!

Well that hits home when you put it that way! 

Plus, having a fully paid-off property could be a nice safety net if the STR market takes a hit or occupancy slows down.On the flip side, if you’re eager to grow, saving for another property could be the better play.

On the other hand, what if you get hit with a slow year and have $0 profit?

It’s hit and miss, really need to deeply understand what they offer, if they will work for you or against you, whether they sign the lease or you (I prefer me, to reduce that lock jn). 

Also, this would only remove the mortgage debt itself from your DTI if it was to work; you would still be hit with a liability for the annual taxes, insurance, and HOA fees (but also receive the benefit of the rental income).