The smartest investors I know are looking for just enough cash flow to be able to survive an interruption in rents, while picking areas that exhibit the best indicators of appreciation.I understand that our appreciation rates here in San Antonio are not sustainable over a very long period of time.

I got a loan recently from a portfolio lender on a house that was hit by hail during the escrow period.  

Then approach the seller directly and ask if they would be ok with a full price offer as long as they cary back the note for a 5 year period.

@John BakerSounds like I may need to prepare for a period time of vacancy, longer than normal, maybe?

You could make the period shorter if you are confident that you can get a proper inspection executed in that time.

Competent inspectors should be able to provide the added confidence needed to proceed after the inspection period, but it depends on their experience as well. 

Most banks are requiring the 6 month holding period which is coming up soon.

With this being said, we certainly have had clients hold their properties for much shorter periods of time.

Mortgages have amortization periods (the length of time it takes to pay off the loan) and term (how long the mortgage actually lasts).

I've found people HATE option periods in Dallas.