no one here is in disagreement around this basic premise - we'll take that as a given.But, what about consumer debt which buys toys that all of us would consider a liability, such as a bigger house, or a nice new car, but the debt service for which falls upon someone other than you?  

You have to figure out who you want to work with or how you need to approach who your are dealing with to get to YES. 

Family community - create happy children rooms, girl, boy, with small toys in the corner, and a few generic family pictures.

that will be super hard to prove in court, unless the plumber can pull out the toy or the object. 

A few suggestion;- Deferred maintenance: How much life is left in the roof, heating, etc; just like any other RE- How has leasing been structured: Y-to-Y, 3 Y terms, Escalations, Recoveries, Options, etc- For the 'strength' of the tenants, if they are smaller tenants as I suspect, look at how long they have been at the property.

We got into real estate because my wife kept yelling at me for spending our money on cars and other "toys" haha.

It's a great market to get involved in -- I do a fair amount of flips on Oahu and have been toying with some properties on neighbor islands.

When you get some laser like intensity on building cash reserves you'll be surprised at how quickly it builds.It'll also give you a chance to evaluate the longer term performance of those existing rentals.all cash

BTW, I could go for a lower interest rate with the money down, that too can effect my return and it's an easy point to make, $X down and I can go to Y%.So, yes, I use the market value as the primary price point, I discount the that price on repairs and/or use a discount to arrive at the financing terms.This works well in my market, especially with landlords moving to retirement.

Also, pet dander and my dog throwing her toys all over the place.