Taking a 15 year mortgage will hemorrhage your debt to income ratio and make it difficult to qualify for more home purchases in the future. 

Once I was deployed on a submarine in the North Atlantic and they helped my wife with a 1031 exchange on the sale of a home and purchase of 2 other properties.

@Jerry Velezif a property is owned outright with no mortgages, debts or liens on it, then it can (potentially) be purchased on seller financing. 

. $220,000 is definitely a lower purchase price amount and really limits you on what you can buy.

@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

For an investment property (purchased as an owner occupant), that is insane. 

So I ended up using 0% interest business credit cards which I liquidated to purchase and renovate my property (total credit limit of about $95k total).

When I first started out I purchased everything with 20% down and had enough available much through credit cards which can be problematic also to withstand a few months of vacancy or a $10k repair.

I frequently hear that someone purchased a new property because their real estate agent told them they could get X amount for rent, when in fact, the market comps don't support that amount.

And we usually replaced windows/storm doors and HVAC systems within a year of purchasing older units, and this has helped as well.