The AAR does NOT include dividends.

I took title to each in a separate series of my LLC, which is the same as per entity protection as having each in a separate LLC but with the organizational and accounting costs of having a single LLC.In the case of each I carried hazard and liability insurance for the INTERIOR of the condo while the HOA carried insurance for the “common” areas, including structural.This particular condo was on the second floor, with retail and office space directly below.  

Your net income includes equity from debt pay-down.

I agree with everything @Michael Baum said.Many people, including myself, have used a 10% down second home loan to buy a property used for a STR.

This includes converting it to a rental property or refinancing into a different kind of loan. 

The good news is that these properties can indeed be purchased for various investment strategies, including rentals, BRRRR (Buy, Rehab, Rent, Refinance Repeat), or fix-and-flip projects.Purchasing as a Rental or for BRRRR:You can acquire a Freddie Mac home to hold as a rental property or implement the BRRRR strategy.

If we were to find a duplex/triplex/fourplex that met our criteria, I was thinking about maybe owner occupying one of the units in exchange for being able to use the 203k loan - for not only cheaper financing but 3.5% down + being able to include fixup costs in the mortgage.

Everything should be done in hosue, including owning the property, renovations, and management!

32k or even 42k on a half million dollar house doesn't sound all that good.What's your projected cash flow after all your expenses including a likely higher mortgage payment than the current owners?

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.