Is there anything available out there that is more attractive, maybe like $10,000 - $15,000 out of pocket?

.), and yes, economies of scale ($850/yr insurance on my SFH vs $7k on the building) makes Multis more attractive to me than all SFHs.  

We would be planning to hold the property for at least 10 years and would prefer to look at areas that have a good mix of owner/occupiers & renters and attracts a nice tenant. 

Offering just below their price point could help attract the tenants who want to be close to the new action without paying full price.

Depends on a few factors: risk tolerance, time, resources, network, activity and what attracts you the most.

Second, I would look for a location that is the  most attractive.

Pros and Cons of vacation rentals I've come up with:Pros- Living in a city with year round tourists (home is in a great central location) - Potential to make more $$ than a traditional rental- Less wear and tear on the property (in theory)- Access to the property weekly to clean/make sure it is being maintainedCons- No guarantee of bookings- Personal time investment to clean after each check out - 3% fee charged on every booking from Airbnb (VRBO is even higher) I am 50/50 on what route to take here, so any advice is welcome!

You should check with your local short term rental (STR) laws and always make sure your deals work even if those laws change and force you to do mid to long term rentals but since there are so many universities and bachelor/bachelorette parties and general tourist travel in the summer.

@Blake King,While you're working and saving, also be learning how to attract and engage private lenders.

What's attracting me to the Raleigh area are the strong economy and the strong high tech industry.