Definitely not wanting to deplete my savings..  

Or would it be better to pay it outright, depleting my savings, but getting a property that actually cash flows in todays market?

That's just it, though - the inventory is so depleted there's no way the higher prices make up for the lack of inventory.

I also pay myself, but I do not deplete the account to a point where I need to transfer personal money back in... unless there is an emergency.

There is also a line (Line 18) for depreciation expense or depletion. 

Anyway, that means you would start depleting your account at say age 75, not 60.Thanks for the upvote. 

Therefore, for taxable years beginning after December 31, 2021, and before January 1, 2024, ATI is computed with regard to deductions allowable for depreciation, amortization, or depletion (i.e., earnings before interest and taxes (EBIT)).

Costs for rentals can quickly deplete any CF you have and the less dollars per door, the more risk you assume.

Yes it brings in cash right up front, but after that cash is depleted, there is no money for future upgrades.

Also look into lenders who allow asset depletion to qualify.