I'm however a bit skeptical how they can offer 12% so consistent for so many years.

But you can leverage a bit more conservative to get the cashflow to where you want it.Multifamily is a good strategy, but not the only/best.

Understand the basics of private lendingResearch real estate marketsDetermine your investment strategy and criteria for loans, including:- Amounts- Interest rates- Repayment termsCreate legal documents with a lawyerNetwork with real estate professionalsPerform due diligence on potential borrowers and their projectsBegin with smaller loans to gain experienceMonitor your investments closelyConsider joining a private lending group for additional resourcesStay informed about real estate trends, lending practices, and legal regulations

it is an equity creation strategy. 

Is it a stable long term strategy?

You are much better of preparing for the worst case scenario and adjusting your strategy accordingly.  

@Adriana V Alvarado a "good deal" in the BA really depends more on your timeline and long term strategy.

Is the house hack strategy off the table? 

A popular strategy I've seen work is to scale with properties in the C locations and then slowly upgrade your portfolio into the nicer asset classes as you progress and become more cash flow heavy. 

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