Goal: $7000 per month income (How?)

[Jason Stephens]

I have been kicking the can down the road for 10+ years with REI and have never pulled the trigger. I think that is going to change though.

Recently, I sat down and wrote out all my dreams and goals and what the price tag of each of those would cost.  Turns out, I need to come up with an extra $7000 or so per month.  This sounds like a lot, but I was encouraged by the differential between where I am now vs what I need to accomplish 100% of these goals. 

My question is.... I am on Long Island, NY and the home prices here are very expensive.  I am trying to figure out the best strategy to come up with this extra money.  Is it to buy / hold and try to make a few hundred dollars per house?  Or is it to try and build up the number of flips I do, where I close $7000 a month on flips?  The main issue is that with the home prices and taxes being where they are on LI, does it make sense to do this out of state?

Thoughts, concerns, ideas?