But, one can't go wrong in either with a long~term horizon

I believe fix/flips are too risky for my current levels of risk tolerance and long term goal horizon.

In a non flip transaction (buy and hold only with a 7-15 year time horizon) is 2-3x DP seem reasonable?

Hi Andrew,It depends on your investment goals and time horizon.

For instance, it depends on what class of property your talking about, the debt structure you have, your market, your time horizon, how your lender is capitalized in other business classes that may affect their ability to lend, etc.  

I'd like to find a place where the cost of the homes aren't incredibly high since I don't have a ton of money to throw around at this point and with rumors of a pending downturn on the horizon.  

FYI: Scottsdale AZ market, so great appreciation on the horizon

Best,MattTL;DR: We buy and move into a new house every year (5% DP/conventional), renting out the previous house with a buy-and-hold strategy with a long-term horizon. 

Also look at splitting your $200k either in 4, $50k investment so you get to try 4 sponsors or even $100k each so you get to see 2 sponsors. a Market correction is on the Horizon and I think some of the Syndicators out there will be in for an awakening. 

I am 62 and retirement is in the horizon.