However, I would argue that a healthy level of debt gives you flexibility to grow faster and build more wealth over your lifetime.Leverage is a strategy of using borrowed money to generate large investment returns.

I also look at straight ROI - as this includes debt servicing whereas the Cap Rate does not.  

I'm currently still active duty military, and my goal is to get my real estate business firmly established in the next four year so that when I get out of the service I don't have to apply for jobs unless I really want to (probably not).

My level of knowledge with real estate investing is limited to the two home purchases and one sale.

It is another term for the Cash on Cash ROI on an all cash deal.The $12,000 NOI is not the return, it is the cash flow produced by the asset before debt service.

Years ago I had a tenant sign a lease but ask if he could hold off paying the security deposit/rent until the 1st of the month when he formally moved down here (he was visiting his daughter at the time) and received his disability check.This guy was an older, 100 percent service connected veteran.  

Hi Joe,But then again there are those that do manage across the great East / West divide ;).I have been working with a PM for the past two years and quite happy with their services.

Craigslist(Search)Look through the "Real Estate Services" section for cash buyers.   

I know it has been called a little/ no money down investement route but I believe that is more to do with marketting costs.The gurus have explained the steps in details such as qualify a TB, but in order to do so don't I have to go a mortgage broker and ask them to carry out the required checks..surely that carries a cost..I would like to understand from someone who has experience the followingwhich professionals need to carry out each stage for both the TB and the seller documentswhat are the ball park prices I need to expect for these services. 

You need to service them spring and fall, including filling or draining the pans, cleaning the pans and vents, replacing the pads, ideally every season, and lubing the fan and the motor.