After a lot of research and soul searching to figure out our goals and risk tolerance my husband and I decided for our first property we used the whole amount for down payment and repairs.

What is your risk tolerance?

I believe a purchaser in a residential area should not have to tolerate a neighbor that converts a residential use to commercial use against the regulations. 

Your decision-making on holding or selling will be aided by this knowledge.Ultimately, the best decision depends on your individual financial goals, risk tolerance, and the current market conditions.

Another component often overlooked is risk tolerance.  

This all depends on your risk tolerance and your ability to access future capital.If it's a windfall, I would do 1 slightly leveraged and 1 all cash transaction in great areas.

Or if you have a high mortgage interest rate and/or it gives you a piece of mind to pay off the properties, then pay it off asap.It depends on your comfort zone and risk tolerance. 

All depends on what your risk tolerance is and if you feel confident in the sponsor you end up investing with. 

If your risk tolerance is low, then it makes sense to pay off early. 

Meaning she can't/won't pay for the electric to run the AC, so if she can survive Florida temps with no AC, she can tolerate anything!