Taxes when they get reassessed to reflect the purchase price can eat away at your cashflow. 

I'll continue eating my popcorn, deleting emails, and looking for off market opportunities.

Tenant turnovers eat cash flow.YMMV.

No eating out.

Though the down payment and closing costs will not be huge, they will eat up a sizable portion of our savings.

Each one of are told to increase it cause the next one is going higher, little do they know 4 of their supposed "multiple anxious buyers" are all eating lunch together and communicating about that at the same time. 

Unfortunately once you head into the suburbs the higher taxes really eat into cash flow. 

@Ryan NunyaYou are correct that short-term rentals are a different animal for tax purposes than purely "rental" income as noted in the original post. 

If it's a lower purchase price but your taxes go up with no limit, that will eat into your profitability. 

I have both midterm and long term and they definitely are two different animals.