The type matters and their plan on acquisition and exit strategy.  

let me know if you want to meet up and grab coffee or something and I can tell you about some of the hangups I've had with the brrrr strategy.

In Real estate, it's 90 percent predictable.In appreciation city:So you need to buy place where it appreciates a lot , DSCR > 1.0 + use 15YFRM is recommended or 30YFRMIn cash flow cityYou could buy anything with higher cash flow and use 30/40YFRM (don't use 15YFRM here)  This is my own calculation how much I make from 500k house in CA compare to $100k cashflow MF in Wisconsin:net cash flow + appreciation for CA: ($200*12)+($5000*12)= $62,000net cash flow + appreciation for WI: ($700*12)+($1666*12)= $28,400This is indirectly how the cap rate works, I don't count the equity building like you said because the LTV is predictable and would be the same regardless the location of property.This is why also when you have two set of very different problem, you arrive with two set of different solution.Do not use Cash flow strategy IN appreciation city.Do not use Apreciation strategy in Cash flow city.

Define your goals, target market, and financing strategy.

Define your goals, target market, and financing strategy.

Define your goals, target market, and financing strategy.

@Kelly BeckWhen you are developing your strategy on where to invest you can Google the individual states that fit your investment strategy and goals.

What types of properties/strategies are you interested in?

In addition, I included my plan strategy in the attachments.

@Scott EwellLeveraged vs debt-free is a personal decision to some extent.Leverage will give you a higher ceiling on your investment, whereas debt free provides the lower floor.While I can't say which is best for you in particular; I can say that, in my experience, every majorly successful investor I've come across uses debt in their strategy to some degree.