Just depends on what you want to do and what tolerance you each have. 

@Michael Castillo it really gets down to picking up a market (I recommend Michigan and Ohio for cash-flow) an asset class (B to C depending on your risk tolerance) and building a team of Rockstar "boots the ground". 

Obviously the reverse is also true, so that depends on your risk tolerance but I'd want to at least know what I'm up against.  

Yes it may cost, but it all depends on your risk tolerance, and how lucky you are.While I am not insured for everything, I would always suggest Insurance to others.

Just do your due diligence and make decision based on your risk tolerance and analysis of what is coming.Good luck

More broadly speaking there are different tolerances to all sorts of risk of enforcement, which explains the different approaches that have been laid out to you. 

This might make the most sense for you, but not every investor has the same risk tolerance, time horizon, goals etc.

Generally, when interest rates are very, very low as they are right now (I got into the game when rates were 8% and had come down from 18%) you want as much fixed rate leverage as you can tolerate IF the properties are cash flowing.

When it comes to real estate investing, I have switched gears and have been leaning more toward the Dave Ramey approach of having my properties completely paid off due to my risk tolerance. 

California....This would not be tolerated in FL.