Buy a house when your family dictates (kids) that you should and make it a house that is reasonable and significantly within your financial means.I'm generating over 20% returns annually, so prior to leaving corporate America, I cash out all my retirement accounts and invested it in real estate,  I can pay the tax in two years by investing, so a no brained.  

Notice - I did not mention returns at all; we haven't gotten to that :) But, there is not a single measure of investment return that would dictate cash purchase.

I would not let them dictate the timeline though, as a call to the tenancy board (or authority) to query, would be prudent on your behalf.

It's dictated by the scenario.

At the end of the day location dictates max rent more-so than any other factor, and tenants will just destroy high-end stuff anyway so I’d stick with materials that are as low-cost and as durable as possible (luxury vinyl plank flooring, laminate counter tops, contractor-grade fixtures, simple appliances, etc.).

Your level of capital and goals will likely dictate your options at this point.  

Your budget / price range, and other criteria would somewhat dictate which areas you'd want to search within. 

The rent is set based on what the market dictates (supply and demand).

You dictate what the property must conform to (cost, rehab cost, etc...), and if the property won't "play nice", you don't buy it.If you can't find any properties that will "play nice", then you're in the wrong micro-market. 

You don't have the freedom to decide on the grade of materials you use - the neighborhood you buy in and property class will dictate that.