Russ, i would follow my guts on this, the numbers aren't right.

Remember, you'll need to get your takeout financing and they aren't going to let you pull more than 80% of the value.

I do feel that after a couple of years we'll probably unload it since the numbers aren't as hot as a straight rental (an unfortunate consequence of lack of experience when buying). 

I just spoke to a broker in regards to a property and he stated that it needed to be an "All cash deal".Aren't all deals basically all cash to the broker and seller, unless I am asking for seller financing.What does it matter to them were it comes from?

There are some solid older neighborhoods with those colonial traditional homes, but they aren't really rental properties.

"C" areas aren't very nice at all.

Especially in the higher priced places for guys and gals that aren't investing for cashflow (at least first).  

Which leads me to my last question which is should I wait to save more money and possibly even move to a somewhat better market( state) where prices aren't so high?

One just for investors so they aren't sent the newsletters that non-investors get?

Say they are rental cabins that aren't sold for a while.