The latter could play out at any moment.The first 10 years of a 30 year mortgage is basically paying interest.  

You get to use the tax money as long as you play by the rules.You're searching for a property that you can mix the use on - part primary residence and part investment.  

Mind you I hire people to do all my rehabbing but I'm a sixty year old lady with more money to play with than what you have.

Hello Gentlemen, The little things are big bonus when you add them up. 

I've always been against being far from my properties, but I feel like my playing field has been shuttered so to speak.

Could I have predicted that it would play out like that ahead of time?

We are under contract for 7 blocks of quadruplexes.28 units Contract sales price=$1,575,000Appraised value=$1,700,000 (real appraisal done 01/16)NOI=$156,000Average cap for area =7%current average rents per unit $650Comparable rents=$750/unitThis is a value play rather than for immediate cash flow which is not particularly impressive as COC return is in the 3% range per bigger pockets rental calculator.What do you think?

You can even go hybrid and buy & hold with a 5 year or so exit plan, which is generally an appreciation play.

I would say 500 per month is not much, but would consider that as a bonus and your safety gap if things go south. 

So back to the beginning, it depends on what other factors are in play, how much houses cost in your market, what the return on the investment is, what the cash flow is and also how much experience you have.