Never wanting to own your rental properties. Is this right?

[Craig Moore]

Hi BP,

I've been saving, saving and saving (did I mention saving?) all of my money since I first joined here in order to purchase my first home. I'm looking to FHA my first 3-family and from then on continuously buying more properties that will eventually replace my full-time job. It will take about $10k/mo to do this. I do not make $10k/mo now, but I certainly won't quit my job until I'm around that ballpark.

After listening to and reading the many different ways people go about securing wealth, I'd heard about a story of some wealthy men who'd signed a 110-year contract on apartment buildings here in Boston. The actual signers will never be able to pay this off in their lifetime, and that's when a light bulb went off in my head. For me, the point is not to (or to never) own my rental properties. What I am getting at is this, if you have to constantly refinance over and over again (30-yr loans) is this necessarily a bad thing? If you're intention is never to actually own the rental properties but to increase monthly cash flow is this a bad idea? What are the cons of being over-leveraged? I'm intrigued by the idea of buying more and more in exchange of higher cash flow but not owning the properties outright. Thoughts?