I'd like to do this while creating and maintaining multiple "safety nets" to avoid failure as much as possible.

Some of my colleagues say that direct mail works, you just have to budget for the marketing expense and be patient and consistent.Others say the same about door knocking and cold calling.

I can afford to be patient if the numbers don't work for me.  

Thinking of doing a balloon payment in 10 years if we did the deal so she wouldn't have her name on a mortgage past the age of 81.Please be patient with me.  

Be PATIENT! 

I am more safety conscious, I also appear to be in the minority here as I think it would be best to pay off loan.  

This creates a safety net for a worst case scenario.Once that is established, then continue to use leverage to purchase good investments - but be patient.

Take your time, be patient and be your own man. 

Get some books from Amazon, and be patient.  

If you end up negotiating the price down because of an all cash offer, and the numbers work, and then refinance and cash out, or sell, then maybe an all cash deal would make sense in that case.I would keep looking for properties, be patient.