I am in my mid forties, and am a husband, and father of three roudy teens. 

Vacation rentals sound sexy and I am intrigued, however I have two main concerns on them. 1.

Add in a resident base that tends to be a little harder on the property (doors, paint, cabinets, flooring, screens), the maintenance costs can quickly overrun that sexy rent ratio analyzed on day 1.When you say you are looking for a decent cap rate, what does that mean? 

@Cameron Hillebrand exposed brick looks Sexy!

I shoot for mid teens or better.

Texas is sexy!!

With any decent RE investment, you should be seeing total return of mid teens or better.Your ability to get a mortgage will depend on many factors: income, DTI, credit score, etc.

I have a question related to one of the 2 investment properties left in our portfolio....here are what I would consider the relevant background details:- We are a family of 6 (me-46, husband-55, 4 tween/young teens) and we lost everything in 2008-10 including all we had for our retirement plans- We currently own 2 4-plexes; 13 yrs left on mortgages; very minimal cash flow now, but no out of pocket expenses either - Our plan has been to keep those 2 4-plexes knowing than when mortgages are paid off, the cash flow will at least keep us out of working at Walmart as senior citizens!

I have a question related to one of the 2 investment properties left in our portfolio....here are what I would consider the relevant background details:- We are a family of 6 (me-46, husband-55, 4 tween/young teens) and we lost everything in 2008-10 including all we had for our retirement plans- We currently own 2 4-plexes; 13 yrs left on mortgages; very minimal cash flow now, but no out of pocket expenses either - Our plan has been to keep those 2 4-plexes knowing than when mortgages are paid off, the cash flow will at least keep us out of working at Walmart as senior citizens!

It used to be a big deal when interest rates where in the teens (up to 18%, look it up!)