Marketing of any kind is typically somewhere in the spectrum from embellishment to blatant misrepresentation.

Obviously I realize we probably cover the spectrum from no real estate income all the way to huge real estate income.

I'm on the opposite spectrum.

This checklist serves me for just about the full spectrum.  

A little bit about me: I am on the earlier spectrum of RE investing.

Right now, the matter is wide open for anyone to voice their opinion based on what they'd likely do if in a similar situation...good or bad.One side of the spectrum...as you've mentioned, put a huge down payment or pay cash for a place or two (not hard to do with $.5M in Fl at the moment).The other side is to not even touch your reserve and get started creatively, honing your skills first while the stakes are lower.Oh, about your question regarding how much to pay for one's personal residence...I suggest spending much less than you can afford.

CT is a pretty liberal state, AZ is at the other end of the spectrum with all kinds of opinions, especially speaking constitutionally from ideas formed by who knows who.

Curt has some good points... talk to someone who has owned one of these for 24 months. and rental guarantee's ( have led many a company down the tube financially) I personally know of 3.. that went under trying to guarantee rents and actually honored the guarantee's..others like Richard Mentioned are out their and they are to be avoided as well... shop to you drop... talk to the horses mouth and choose the high end of the spectrum reality is very few rentals no matter were they are at do much better than 8 to 9% caps.. and you can get that close to home you may want to start there first. then work your way out to other areas..

Desirability from buyer's point of viewEvery transaction is priced at a discount relative to lack of items on the desirability spectrum.

Which of course brought me here where I found out I can get a very wide and vast spectrum of knowledge from people with minds and ideas similar to mine.