I ask because, as an investor and business owner, it seems to me that I would give weight to {the real} cash flow from operations.

Most of the partnerships I've done here in Grand Rapids, MI are based on either a straight debt position of ~10% (usually for smaller deals, and depending on how many we've done together in the past.

Personally I think all that macro stuff has too much weight behind it.

However, you should weight if the compliance/set up costs will be greater than the payroll tax savings.

The real estate agent has turned out to be worth his weight in gold.

Most of the new  construction is weighted toward a luxury student product or a very large amount of beds in a tower with lots of amenities.

Does the debt/income ratio hold as much weight when doing a refi? 

Buying a new property will help avoid these problems.POTENTIAL FOR APPRECIATION IN NEW INVESTMENT PROPERTIESWhen buying a new home in a new subdivision, or in an existing subdivision that is being augmented, the potential for rapid appreciation is greater than an older property in an established neighborhood.

Personally I do not have time to self manage so a good property manager is worth their weight in gold if they are able to place a tenant that takes care of my properties.

The wrong ones will lose you money, while the best ones will be worth their weight in profits.Best of luck!