These are often fixed from 6 months - 10 years and are offering more competitive rates at this point in time.

Additionally, trying to use cap rate to help aid in the estimation is fruitless since I will run into the same problem trying to estimate what the cap rate would be at that point in time.

While I certainly do not claim to be intimately familiar with the licensing laws of all locales, I disagree with REI and Ohio.The statutes in the states I have operated did not preclude you from acting independently as a legitimate investor.

Lower taxes, lots of acreage available, more pleasant weather.Get a TX map and look west of SAT around Bandera/Medina, draw a line from there north that parallels Interstate 35, to about San Saba.

With the recent downfall of the real estate market is this something that is going to stay around or is it something that is going to die out in time and become pointless?

Hey, BP--here's my dilemma:I’d love to continue investing in buy & holds, but most of my money is tied up in a flip last year that didn’t sell in time, so I wound up renting it out and doing a refi to pay off my HML.

Wealth isn't measured in dollars it is measured in time.

Its snap shot in time of a ratio.Cap rate is just the Net operating income/Current Market value.The Current Maret value on a rental (or any investment) is valued on the current value of the discounted value of future dividends/earnings. 

I am also impressed and happy to see you hold no grudge based on our last (not so pleasant) interaction a week or so ago. 

@Andres Moralesstarting investing at your age - heck even thinking about investing at your age puts you well beyond most of your peers- you may not be there by 21, but be patient, you will reach your goals in time - Good luck to you!