I’m not to the point of quitting my job by any means but I sleep better at night knowing if anything ever happens to my wife’s income or mine that we will be ok and can get another job without stressing.

That helped us get through the rough part of the renovation.Community banks and credit unions may do this, though the loan balance is quite low. 

Lastly what you will see is that civilization has come out to these places when you drive by and see some desert rat in his or her Mobile home stuck in the middle of no where that 95% of the time is on one of these old platted lots.. some areas Like some of the Lake co California areas town actually grew to them sewer and water and paved streets put in and houses builtBut for instance above Lucerne there are 7 thousand platted lots and I think 3 homes.. lots are 5 to 7k sq feet.. it was uncanny how they surveyed and platted them way back when .. this terrain is quite step but the road follow correct grades although some lots even with today techniques would be near impossible to build on.. 

Try and find someone who has just quit the work force to stay at home with their children.   

I have self educated myself quite a bit over the last few years but have no real experience.

However, after using the Rental Income calculator, it's not quite cash flowing haha.

Its been very hot there for quite some time. 

We have been RE investors for over 20 years so we do have quite a bit of experience.My question is about north of Dallas.

The lower the rent, the higher percentage of acquisition costs; if rent were $300, seeking 3% might not be a bad idea."50% rule": this is quite different from 1% and 2% rules.

With a buy and hold philosophy you are accomplishing several things to give you the "out" you'll  want to quit comfortably one day.1.