Rental Property Loan: 15 years term or 30 years term?

[May Zhou]

We are considering to buy a townhouse to rent -  diversifying assets is the primary reason. We are in Houston, TX.

Now my husband and I have difference when it comes to loan term: if 15 years loan, we are about to break even but much more asset accumulation with less interest. With 30 years term, we get 7% cash flow but hardly any asset accumulation in the first a few years.  

Which is the better way to go?