I agree with everyone up there you should definitely look at markets that make sense. 2nd tier cities are pretty good for investing and are relatively stable. 

@Steve Marshall Welcome to BP, and to intentional real estate investing.I retired after 20 year in the USAF, and stayed near Wright-Patterson AFB.

I have no equity in other properties or cash on hand in non-retirement accounts that would allow for a cash purchase.  

Paying extra principal each month will retire the note faster but do not assume the lender will apply your extra payment the way you want them to. 

With retirement from the military in 3 years I would like to have enough passive income to leave the working for other people life completely. 

Wait about 3-6 mo. or until I think I've established a relationship with my tenants to say that they're "stable."

So yes, the place is small and the area isn't that great, but it's increased in value almost $250K over the past four years so I'm ready to sell and walk away.Elizabeth Colegrove , I guess I'm "risk averse", and despite a > 800 FICA credit score, I'm not sure how easily I'd get a reasonable mortgage since I'm hoping to use the rental income to replace my W2 income within  couple of years.My basic goal is to purchase enough units (1-2) within two years to cover my day to day expenses until I start drawing from my retirement accounts and portfolio in my mid 60s (20 years from now.)

I love my work as well and this has allowed me to buy in nice stable neighborhoods with quality tenants which makes property management interesting and enjoyable. 

I could go on and on why this is not a deal.I look for retiring business owners with a business that has done well for decades and has management in place.

By the time I reached retirement age (i.e., 42 for us military folk), I wouldn't have a worry in the world…In my mind, I was only losing about $380/month, and I could easily cover that with my income.