It would take 20+ years of negative cash flow to equal cash already out the door.There is a sweet spot but numbers are not the only thing, you need to weigh the risk and many other factors such as property location potential for appreciation, property condition...A property in Pittsburgh area with 20% down and 100/month cash flow is not a good deal but if that was in DC you would be celebrating by doing backflips.So lots to ponder but key is never over leverage

My first tenant was 3 girl roommates, left in less than 9 months despite asking for a 2 year lease after roommates couldn't get along.

Everybody has a story...wouldn't you prefer one about winning the lottery or having a really BIG STASH of Girl Scout Cookies?!!! 

She owns about 23 houses in the area and wants to get rid of ours because "she would rather rent to girls out of college than guys".

@Jason Graves That's an awesome dad that girl has there!

The girl has listed previous addresses/landlords that are not listed in the Address History of her credit report.

As I ponder the future I’m going to consolidate to an extent (both location and strategy) and work on scaling.I like Phoenix because I’m a bit lazy and comfortable there.

I've pondered this exact question many times and have no answer.

I hope to eventually turn my property into a rental property after my girl friend finishes nursing school out there which should be about two years max. 

@Joshua Robinson, It speaks to the dilemma you're pondering right now - The 1031 exchange does not cost you cash unless you are only purchasing for cash.