instead, saving that cash for a house hack is such a better use of it."

I started by saving up for a down payment which was 5% for the first "second home" property in 2004, then 10% on the next few. 

We're trying to decide whether or not to pay it off or save to buy another property. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

I have a large lump sum saved in an investment account for down-payment and any additional costs.

Just save money and etc....This conversation is not for you.

I still have enough room with my VA entitlement for a buy and hold in a couple of years, so I'd rather save it for later!

Quote from @Courtney Dettlinger: Your equity is not a savings account from which you can withdraw for free.

We have some $ saved  but don’t have enough to put a full 20% deposit down as needed by most conventional lenders.

You literally have to invest in something that will lose value, in the hopes of saving on taxes."