Both can generate cash flow and appreciation.One mistake I made when I first started investing in 2009, is to put too much emphasis on cash flow.

Emphasis on verifying2) References are a must and must be actual business references not friends/family.

(M)IRR} with an emphasis on the cash portion of the return ... if a property meets (or exceeds) my hurdle it is worth pursuing, if it does not, then put it back and walk away.   

Asian interest in U.S. commercial real estate is surging.Driven by the globalization of the commercial real estate asset class, along with much more mobile Asian investment money from high prices and low yields at home, a rising tide of foreign real estate funds is heading for U.S. shores.

@Jason Ma - not sure if you were just using Friendswood as an example or if it is actually a subject of your research, but I wouldn't put too much emphasis on jobs specifically within Friendswood.

Hence the emphasis on 'personal opinion'.Hmmm...okay... in Philly I could get a fully redeveloped (not just cosmetically rehabbed) turnkey property for $67k that rents for $900.

The Berkeley Global Campus will be a nice boost over the long term also.

Typical 3 bed, 2 bath houses in the suburbs (2500sqf) with double garage and a pool sell for about $105 000. rental income in this market is not that good at the moment.Our banks are in good shape and have weathered the storm well but the global credit crunch has made our banks cautious.

I'd like to get a clear statement from the Division about their current interpretation of code, as well as if there's a change in emphasis.

@Tim Herriage The global network is good, but wouldn't a global network be unnecessary if you are selling properties just as fast and for the same amount locally?