Beyond that, it depends on how disiplined you are in keeping good records. 

Real estate takes in many other aspects of social, economic, financial, legal and engineering disiplines as well.

If you are disiplined and take it serious from screening to repairs, etc. then you will find it very manageable... and I would say very fun and rewarding.You need to allow for the first year so that you can learn and adjust to being the best landlord...

If the answer is no, then take the 15 year and that will underscore what I mentioned above, not having the financial disipline to better manage your money.

I just listened to the podcast about The 4 Disiplines of Execution, so I went to iTunes to buy the audio book.

I think you should sign up with Experian as well because they will help you keep in line with the best type of credit to have to get your score up.Just disipline yourself while doing this and you'll build a good credit score to get you started.

There are areas in North that attract an undesirable type of tenant, and other areas no worse than neighborhoods in South mpls.I personally invest for cash flow but these areas often require more disiplined property management.

You must be disiplined and not spend any of what looks like extra because you just might need it at any time.

Like Deborah Burian said, you do not have much room for error or additional expenses, if you take the $9k (or $7,763.48) up front it will take a lot of disipline to hold that cash for 5 years and not use it on another deal or if you have an unexpected expense or vacancy.

Thes properties can be cleaned up and with some disipline you can get people to walk the line.