Gabriel Benavidez when you create passive streams of income and they can pay for the luxuries.

My goal in real estate is to provide a second stream of income from cash flow via a buy and hold strategy with single family and multi-family rental properties.

They could 1031 exchange their properties into a passive income stream such as a DST.

They are jobs.If you want to create a low effort income stream (I would not refer to even buy and hold RE as truly passive) then BRRRR is a good approach. 

The length and stability of the property’s income stream is what drives value.

Constant stream of repairs, and not local, so $$$ (and poor) property management.  

My overall goal is to develop a secondary income stream via real estate, not necessarily through residential RE though. 

Seems to be a cheap way to get money without pulling 401k or other retirement streams. 

Every income property has two separate income streams, one generated by the property the other by your cash/ equity.Buying cash flow today costs twice as much as the prevailing mortgage interest rates based on the opportunity value of money to investors. 

I would highly recommend reading The Big Short by Michael Lewis, then watch the movie again.