The first thing I would do is figure out what kind of lifestyle you want to live.

I buy properties that I am totally comfortable with, that are synergistic with my lifestyle and career, and that I can pursue on my time, not when deals happen to present themselves. 

Do you have a solid number in mind in terms of generating cash flow that will give you desired lifestyle?

I reckon you've got the right idea in looking for financial independence, but, are you likely to get any lifestyle independence any time soon?

Live cheaply and don't let lifestyle creep set in.

My goal with real estate is to eventually create a lifestyle easier to control (Flexible with Time & Money).  

We have roughly $2 Million in equity today and generate enough cash flow each year to support our chosen lifestyle (which is admittedly pretty low key). 

thanks , agreed need a more cost conscious contractor. when most houses here in ca are north of 1 mill i think contractors can assume 20 k is not a lot. 10k is a lot of money. 

I've owned a few rentals in the past, but more by accident rather than a conscious cash flow centric strategy.

I have many other interests so I don't focus on the handyman work as much as some people might think I should, and my lifestyle and bills are all geared towards low income, including living in a 1 bedroom home with low bills and taxes, and driving older cars.