What do people typically make off vacation properties in these areas (know it's impossible to account for all factors)?  

Ideally I'd like to do it in my own area, but the prices and cap rates warrant me looking in other cities/states where my ROI and Cap rates will be better.  

To All, By paying off 2 mortgages worth around $220K, wouldn't I be increasing my home equity and also helping to reduce my debt to income ratio i.e. a factor very critical for getting future mortgages for future rental investments?

Ideally we would like something with 2-4 units.We have been searching, watching and learning the market here in the area for the past couple of months.

good point on factoring in the 5% from gross rents on vacancy, and the 8-10% when self managing. 

Ideally I'd like to find something from the Kansas side of KC. 

A couple that I deal with have hired compliance officers to deal with the regulations.

If you choose to separate everything be sure to factor that cost into you purchase price it can be a big expense.

After Irelands terrible recession we decided our best option was to save for a mortgage abroad, as we have friends and family that are in a deep struggle to get out of the rental market and into the house owners.I long story short, after initial problems with finding ideal work we are now up and running and saving more than we could have ever dreamed.

This will only cover about 15% of the property but it would be ideal to pay it back after I finance the property.