So the lender is protected in a rising interest environment.

@Jose Sison welcome to BP. be sure to check out all areas of the site, the blogs and podcasts are very popular.

Also, I want something that is currently popular and won't go out of style quickly so that I don't have to redo it anytime soon.I am currently looking at high-gloss porcelain tile which many miami condos have these days.Any suggestions?

When an issue arises the tenants will tell you what the problem is and you simply go online and find the relevant contractor to go out and give you an estimate to do the work.

This could be easiest for you NOW but you could end up with the house in the end with some cash or the area could become very popular/unpopular and the property could be worth alot more or alot less in 5 years.Choose wisely once you get all the info on the table and roll the dice.

Some popular areas won't advertise online because they don't have to - enough traffic to get it rented by people traveling past the house.

Learn the market and along with going to REIA's, go to any open houses in the area you are looking to invest in so you can learn what style is popular in the area and what features make a property sell.

That said, conventionally you will not see too many 50 year terms, 40 year terms are around but they have faded in popularity.

@Patrick Jacques I've heard* of using an S-Corp for holding property and using an LLC for managing it to shield the property equity from liability arising from someone slipping on ice, etc.

Department Of Justice has created a complete website (see below) dedicated to educating Consumers about the substantial saving available to them in now 40 states through Realtors who offer Consumers Realtor Rebate Savings. http://www.justice.gov/atr/public/real_estate/rebates.html To see how popular this savings is becoming, Google search: REALTOR REBATES to find thousands of very Professional and Kowlegdable Realors willing to offer Consumers this savings.