I believe most investors are better served hitting singles locally than swinging for the fences (and usually missing) in outside markets they don't know and with far less control over the day to day functions.

Using strategies like a 1031 exchange allows you to sell and reinvest in another property while deferring taxes, so I often factor this into decisions.For me, it's a combination of interest rates, appreciation, and potential cash flow.

For spending at least 100 hours in managing the business myself, can it be a combined 100 hours between my wife and myself or does it have to be 100 hours for myself and 100 hours for my wife? 

I have helped dozens of people buy and sell functioning homes.

Your insight into a particular market, combined with the expertise of your partners, will be far more advantageous than simply following trends.

I personally think it is a function of the market cycle, and real estate is where money is currently flowing.

Running a business like that takes marketing efforts, networking, direct booking functionality, and so much more.

To give you an idea for the 30 year fixed I could offer the following :-Rate: 6.750%-Payment $5,691 -Prepayment 5/4/3/2/1-Broker and lender fee : 1.00% combined 

Basically look at potential failures and determine their impact.Use the lookup function on my name and What happens if you die?  

Some consumers have never liked it, but things still function perfectly normal in those states.