i think it is very difficult to live off of the 'cash flow' from long term rentals, and it takes either a handful of quality, paid off properties or 10-25 leveraged properties depending on your market.making back your down payment in 2.5 years is actually really good - which makes me skeptical of that deal =) you can post the numbers here if you want.finally - check this thread out. 

"....I read a book once that told me to do this...." words to live by, and also words to die by.  

I have 2 properties in Florida (live in Maryland) one is a long term rental and the other is a short term rental, both are in our personal names.

Everyone want to live in class A++ neighborhood and sometimes the only way to go there is by buying condo.

Some that were built in the late 70s - early 80s had both large dining areas and living rooms, and one of those spaces could be converted to another bedroom with a strategically placed wall.

And for the driving for dollars, I look for small apartment buildings, and a find the owner almost never lives in the building.

The owner lives in the house, but she is very friendly.

Understand there will be wear and tear for living in. 

If you currently own the home you live in, run the numbers on making it a rental and buying yourself a new primary.

The back living room and master bedroom are at 3.2 feet above BFE.