I think no, for 3 reasons: 1) The tax deferral of a 401(k) is an awesome benefit and one of the few that busy W2 professionals get2) Interest rates are very low and debt is cheap right now, so buying free and clear largely doesn't make sense3) Having some exposure to the stock market isn't the worst idea in the world.

But I'm also assuming the worst when it comes to reno.

I haven't completed yet but the worst case scenario is you will just need to purchase the new property as investment and pay (.5-1% rate higher) plus more downpayment. 

The worst case scenario is for a person to be exposed to a preventable disease that is 100% fatal.

If you're going to send them a RUBS bill, odds are after their co-pay, they don't have it.Depending on the income restriction (HUD project contracts are the best/worst), you need to do a lot more compliance paperwork.  

Worst thing in the world would be to put new flooring down and not have the smell out.

So find the worst place in the best location that you can afford.Once you have the place, everything else will fall in place by educating yourself and taking action.

You want to look for the worst house in the best neighbourhood-well sort of.

Other than that worst case scenario, I think you would be fine. 

Worst story was also a house in the "nicest" neighborhood we have flipped in.