That DOES NOT mean you cannot prepare yourself and play the game correctly.

Other things I enjoy outside of real estate include playing video games with my friends and practicing my guitar.

But for me, I like to play "what if" games with my cashflow spreadsheet for both my household and investing budgets.

This is more of a strategic play for the future and I don't have time to pick up many extra properties unless they are very close.

More appreciation plays, no?

@Joe Villeneuve  in the great GFC  mass foreclosures were a result of tenants not paying in many markets... and under capitalized and underwater owners.. defaulted with many ruining their credit for years because they did not realize that they needed substantial reserves to handle vacant properties... then you add in the areas were vacant properties get trashed and stripped then there was no hope for the owners.If you look at most homes that you buy today.. at least 50% of them are failed landlords that walked... this is true all through the mid west.So one needs to not just think that if there is a melt down again everyone becomes renters this did not play out that way last time... many left the area  ( think PhX Vegas) Many ended up moving in with family... 

- Will public roads/streets come into play?

I can't tell you what to do with partners - we play only with our own capital and have never taken on investors.

what numbers do I need to play with to get the cap rate up?

You can insure a brand new house for much less than a 20 year old house around here.