Not needing a job is quite empowering and has allowed me the leverage to find several different roles that compensate me well, are quite enjoyable and allow the flexibility I need to also maintain my real estate.The flipside that nobody ever talks about is how great it is to invest without "needing" that investment income to survive!

Oh yes you may make mistakes but stay with properties you can afford and do not get in over your head and you will better be able to survive the inevitable mistakes you will make. 

Countries like Ireland, Portugal and Spain were reasonably mute in taking their austerity lumps, and are scraping along but surviving.

When newbies talk about properties in the $35K to $50K range I figure what the heck they can survive it if things should(will) go wrong.

Water is necessary for survival so you would start with worry and eventually turn to desperation.Such is the case in a strong real estate market.

Although we could survive on my husband's income alone, we agreed that once we match my income with buy and hold investments, then I could quit.

It's great to hear that someone from the DC area made the transition to Seattle and not only survived it, but seems to be thriving!

Title was acquired via tax deed but of course the tax penalty lien survived.  

Erika - when you purchase the HOA Lien you receive a Certificate of Title while the primary mortgage survives.

Not being able to pull equity out of his asset with a refi, or not having additional cash to invest in other assets, when you "need" cash flow is a "have to" scenario, so if you need to generate additional short term cash, do so to survive and continue.