I am a realtor here in Waco and I work frequently with investors.

. - Generally speaking term length means nothing BUT we do see this happen more frequently with shorter term, and less often the longer the term.

Your best bet is a hybrid approach that we're seeing frequently with our clients. 

These are frequently owned in cash with no debt and so are a cash only investment. 

If you delve closely into the bios of some of the people that claim that real estate is very difficult, you will see that surprisingly frequently, these people own turnkey companies -- they want YOU to invest with THEIR properties.

And, in my experiences, tenants at the lower end of the income spectrum tend to move more frequently and have more wear and tear on property than higher incomes.  

They site gets updated/upgraded quite frequently, so maybe it's renamed or something?

I hear there are frequent inspections that could be costly. 

@Javier Duenas I come across fix n flips frequently.

The great thing about choosing a vacation rental in an area you visit frequently is that you get to use the property when you visit (check the tax rules on how much you can use it!).