We buy at a discount and pledge our legal right to collect the debt (a collateral assignment agreement) as the collateral for the private capital loan we take out, which is backed by the value of the real estate securing the 1st loan.  

Unsecured personal debt is often from institutional sources, but at rates of 9-20%, fully amortized over 3, 5, or 7 year terms (not interest only).

Additionally, since my parents are nearing the retirement age, I'd like to prioritize low-debt, high-cashflow deals.

if his income is strong enough and not as much debt, he should be OKHope that helps..

I am new to biggerpockets.com so forgive me if this has been discussed already but, does the brrrr method work when working multifamily and if so can someone send me a case study or what the difference is 

On the other hand, if you're aiming for long-term rental properties, getting prequalified with a lender specializing in traditional loans or DSCR (Debt Service Coverage Ratio) loans is key.

That all makes sense to me but it makes me wonder how can you be "financially free" or even just start building wealth if you are 100's of thousands of dollars in debt at all times.

The income doesn't really cover expenses plus debt service. 

I just want to get financable this year - pay off debt, save some $. 

Eliminate debt, establish a budget, and save.