If your a high income earner living below your means then this isn't a horrible strategy. 

Price of entry is high, rent is super low. 

Start small with a multifamily property in areas showing job growth, population increases, or redevelopment potential.

It's a scary high %. 

It's not profit until you access it in some form of cash.I've seen investors loss properties with equity (a few with a lot of equity) because they can't sell at a price high enough to gain that equity, or because they can't refinance it due to the negative CF,...which would increase with a new mortgage.

I do not have my numbers as well organized as @Greg Scott but my estimate is upper 20% annual return on average.The 3 i am currently invested in, one seems likely to produce an outstanding return (High risk, high reward), one is conservative and is performing to projections, and one i have significant concerns about but has not had a capital call.  

They push so much information & it is more than needed & priced high compared to other options.

Lots of growth in population and the job market so rental demand is strong.

With the interest rates this high, I can’t seem to find a property that cash flows.

Interest rates are high relative to house prices, this won’t last forever.