Hopefully they have enough income without the rent to qualify.  

While I do not have an official W-2 currently, I do have a steady income, great credit, and have money saved as well from working since I was 13 years old.I relate to Ian Kay in his journey but also am very determined to make my goals/dreams a reality this year by July 2025.

To determine price range, the first step is always figuring our how much you are pre-approved for; and that can vary significantly when you are looking at multi-unit properties because of the additional variable of rental income that can be included in qualifying.

Real estate investing has been a passion of mine for time with my mother also having invested early on where I likely have gotten the love and desire to follow similar foot steps.I have taken last 6 months to educate myself and currently own a single family home as primary residence and would like to expand to multi family properties (2-4 units) for additional stream of income, not to mention potential tax benefits for long-term investing.Based on current living situation, I have a fair amount of equity established in my primary residency along with having enough cash to either pay off house completely or use towards investing in a multi family property.Given that I'm the sole source of income for our household with my wife being the home maker for our two kids under 2, trying to weigh out risks with getting started now or perhaps waiting. 

I've found this to be super helpful: When someone inquires about the property Thank them and Send them the pre-requirements (Income, credit, no evictions) and ask if they meet them.

I would define a wealthy person in America as $300,000+ annual income and at least $3 million net worth.

This reminds me of the discussion around pricing things at $x.99 instead of $x+1.00.EXAMPLE: $4.99 instead of $5.00Everyone "knows" that the price in the example is basically $5.So, why do billion dollar companies, spending more on marketing departments than everyone's combined income on this thread, STILL use the $x.99 pricing format?

Purchase is ~$500k and rental income will be ~$100k.Also rates may go down resulting in increased cash flow via a refinance.The answer to your question is there are a lot of different ways to make money via RE investing, but it used to be easier to find deals that work.  

Reinvest profits, stay patient, and keep building toward replacing your income.

Just focusing on the passive income you want to achieve will leave you chasing cash flow which will have you buying properties in worse areas with harder tenancies that seem to cash flow better, but will have large cap ex.Any time someone asks a question about where to invest and it can be anywhere, they aren't ready to invest and are opening themselves up to every pitch in the world on an area.