Realistic because I see people do this all the time, but hard because the amount of deals and capital it takes to get to 10 K passive per month is no joke.

That said, I'm looking to BRRRR this upcoming year, but that's only because the first 3 properties allowed us to build up enough capital for this strategy to make sense. 

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.

Portfolio = Income derived from financial instruments like dividends (including REITs), interest, royalties, and capital gains.Mostly income w/out loss potential, and favorable tax rates.Cap losses may offset cap gains w up to $3,000 loss.

Truthfully, I don't think a Capitalization Rate of 8% is terrible plus you'll have an appreciating asset along with the tax benefits.  

I need some flips for capital.

i provide dishwasher if we are putting a new kitchen. also a garbage disposal.sometimes i provide washers/dryers if i have extra laying around (i always seem to have them).sometimes i have purchased fridges and ovens since it's best to invest in capital expense and get a tenant than to have a house sit empty forever.our lease also states that tenants should purchase the appliance plan, which noone really does purchase. 

Personally I only use my HELOC on short term projects like flips, new builds and BRRRRs where I know I will be replacing the capital within months.You may be better off waiting a year and save up more cash or liquidate your index funds if the returns on a property will be better.

Most focus on rate and amount of cash to close but bad loan administration or bad loan administration policies may cause the project to be far more capital intensive if viewed beyond day one of funding.

You can expect, if you are a good investor to consistently get 6% cash on cash returns from your Capital.