Aside from great deals I've found in growing neighborhoods, there are obviously cheaper properties in less trendy neighborhoods. 

After some reading i see that term does not have to equal amortization length due to balloon payments or resets.Let me re-phrase my question. 1.) 

A compromise would be Murray Hill...not trendy like Riverside but pretty decent and plenty of MFH options.

I am not sure how to phrase this question, the county record for a rental I am selling is incorrect, it does not have the correct square footage for a permitted addition, and the number of bedrooms is listed as three instead of four.

Looks like the phrasing of my statement might have been a bit confusing.

I think the same thing is being seen in many neighborhoods that aren't as trendy in the city as well. 

I guess my point is current trend is not the forever trend, and while in a strong economy the HOA is strong, what would happen in a weak economy when 1/3 of the owners can no longer pay the dues (the dues will increase as I have seen in several different communities we own in during 2010). 

Currently, it's a hot and trendy neighborhood.

Maybe I phrased my words wrong when I asked "how to become self dependent in real estate" in my original post.

Just starting out and I have this idea that purchasing a town home from a builder would make for a great rental.Pros:- reputable builder- growing area in west Ottawa- trendy, new outlets, lots of new development- attract high level tenant- good for buy&hold long term Cons:- wait for closing- might be tough to rent if cannot show- lose most profit as it goes to the builder- would need a larger than usual down payment (30-50% +) to cash flow *also I am completely new at this and only see it happening with a JV partner who provides the capital.Can this strategy work?