(with the Fed hinting that interest rates may go up, bond prices will probably fall... so i'll need to exit sooner than later)Without any knowledge of operating an apartment, its difficult for me to estimate expenses.

He isn't too keen on having a lengthy term I feel the 10 year mark that he hinted at is the longest he would go.

Bottomline- Without the tax advantages and without expected appreciation I would be looking for properties that meet at least a 1.25% rent/house cost criteria.BTW, as a small hint to improve your English, work on using articles.  

long for is for major work - e.g. structural or full guthttp://www.cityofboston.gov/isd/building/shortform...A short form application is for MINOR alterations to an existing building that will not change the use, egress, or increase living space or fire protection of the existing building.Examples: Changing out a kitchen or bathroom.http://www.cityofboston.gov/isd/building/longform....Here's a helpful hint - if you know you're going to need a long form, you can pull a short form to get demo started and the framing (nothing structural!!!!)

Hint:  It won't...

@Bill S.Thank you for the hint.

An amortization calculator shows that even at 7% (amortized over 35 years, like @Chris Mason hinted), a $96,500 mortgage (monthly PITI payments ~$830), would still have a remaining balance after 17 years of around $75k. 

Hint, it’s not always money.

Hint this means moving past a flat % per month...m

Here is a hint, those of us in the game for a while have connections.