Because of that, they will flip a few properties throughout the year (in between their buy and holds) to supplement their income.

They get less headache, nobody pays capital gains, and you can mutually decide how much you get paid as property manager and how much rent should be depending on whether they want to give you money (property manager fees) or you want to supplement their retirement (rent), and you get the property when they pass on.

Do you recommend supplemental insurances policy (caused by tenant negligence) and preventive maintenance (HVAC and termite)?

Supplementing your knowledge with the knowledge of others can help you avoid mistakes you may have otherwise made.

I am looking forward to meeting likeminded people and learning more about using real estate to supplement my current income.

Hey all, New to BP, love the money show and will listen to the REI one on occasion too.My wife and I have just paid off our New primary Residence (In cash) and are fixing up our first home for sale.As we are 31 with a paid off home that is big enough to support us long term so with that firm footing we are going to start investing in real estate to supplement and eventually replace our incomes and the way will do it is thus;-Save a 20% deposit- roughly 80k (the cost of housing here is high but the maths works well enough)-use all tenant income and a good chunk of our working income towards paying down the mortgage aggressively.

I'm working on bringing my wife onboard to this idea that we can have a few properties that cash flow and supplement my income while she's home with kids.

Do you have a full-time job you are looking to leave, or just want your investments to supplement your day job? 

It's like the casual friend of ours who wanted to learn flipping so he could make money to supplement his retirement.

My hope is to be able to really narrow my focus to 1 zip code, find a property that only needs cosmetic repairs, finance with 5% down and then cover the repairs with cash or perhaps a small bank loan to supplement if I don't have enough cash to cover all repairs.