Mortgage or Paid Off?

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I'm curious as to what are the advantages and disadvantages to having rental units paid off versus mortgaged? For example, spend $50k to pay off your remaining loan or use that money to acquire more assets? My thinking is that paid off [especially sooner] seems smarter so you have no debt and 100% cash flow. But the money spent on that could help acquire more cash flow in the short term. Thank you, Adam

It depends on the stage of the real estate cycle.

During the beginning, middle, or expanding stages, it is better to have mortgages, so you can leverage more properties to maximize the profit.

The more closer to the peak, it is better to pay off the properties, so you have a better position to ride out the next recession.

The real estate market is still very strong, should have at least a few months years expanding before reaching the peak. I’m still purchasing more properties using leverage today.