Some of it the information was written in a different real estate cycle so not all of it applies today but that is with any book as it is written at a specific period in time.The lending environment has changed since then as well with loans that are available for funding. 

If you were to sell, could you purchase something around 340,000 (taking out all closing fees and take out a loan for 80k) , or paying cash for about 220,000 (closing fees - loans) , could you yield a higher cash flow than $700 in a low maintenance environment ?

I always figured this was a friendly environment for people to discuss deals. 

I'm wondering how does one exit that type of deal in a rising interest rate environment?

Reason why don't want to get anything in the bad area is the reason me and my family will be living there, and I don't need my kids being exposed to that environment.

I'm with J Scott... if you're in a target rich market, keep flushing your money through as quickly as possible... if you're in a more arid environment maximize the potential from each deal you do find to maximize your total profit.

It's in my nature however to do a little recon before walking into a new environment.

You will have vacancies in a college environment unless you have a unique property that the kids love.

Of the two, I think Spring is a more target rich environment, although not as good as other areas of the surrounding counties.

@Cynthia Miller :  If you like we can discuss your situation in detail and can try to help you navigate these waters of landlord/tenant environment.