If I go out with all of the offers I have for coffee and lunch I will be VERY jittery and fat! 

Ultimately, the objective is to subsidize the burn as much as possible.

Martin Burns, Attorney in Tacoma.I've used him for my real estate transactions.  

(One retired and other burned down.)

Being my first deal and a marine biologist who doesn't make much in the day job, I know I'm just trying to look at all angles so I don't get burned.  

I got burned with that one, died again just after the warrantee expired.

If you are not enforcing your lease and maintaining strict standards to train tenants to your requirements your are an amateur that will eventually be reputedly burned. 

While I think it's wise to game this out, I would not make any plans based on permanently low interest rates and cap rates, since that's a sure fire way to get burned.  

To your point you can get burned very badly if you cannot afford to diversify, but that's what happens when you play with fire while chasing returns.

I love talking about it, I love looking at houses, I love making offers, I LOVE when those offers are accepted, I love the back and forth negotiations, I love the possibility of what an ugly house can become, I love the process of making an ugly house better, I love listing the finished product, I love signing the closing documents and I love cashing big fat checks!