Of the two financing is probably the most important. With bad financing it's easy to create a situation where the property will never cash flow until it has been paid off (which may be sometime after you have gone bankrupt and/or lost the property to someone else).
On the other hand, with good financing virtually any property can be made to cash flow.
Often there is a trade off between properties which are most likely to cash flow and those most likely to appreciate in value. Never speculate on appreciation. Make your business model to only buy properties for cash flow and let appreciation be the icing on the cake when you sell.
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