When he's ready, he buys you out and leaves the nest. 

You're going to need some significant cash coming in to be able to buy properties and I don't see where you have that laid out in your mini-business plan.More realistically, you'll create a nice little nest egg to augment your existing income and then in 10 to 20 years live off of your real estate investments (sooner if the market goes through another bubble and you're able to sell, later if it doesn't).

Not only do I live in KC but i have in nesting here for over 10 years .

My wife and I are planning on flipping some homes so that we can fatten our retirement nest egg.

Consumer Debt to Equity RatioThanks to the massive price appreciation that has occurred in recent years, US homebuyers are sitting pretty on a sizeable nest egg of tappable equity.

The inspections turned up exactly what you're talking about- rotten roofs, AWOL plumbing, AWOL bathroom fixtures detached garages about to fall in on themselves, basements taking in water, outdated/missing furnaces/water heaters, nightmare rat's nests of outdated electrical wiring....

The math pans out and you will always have a bigger nest egg in retirement going the real estate route than the 401K route...Just make sure the properties you buy cash flow positive.

And I’d have or work to have a good nest egg for that property- like simply save the management fee and cashflow to build safety net.

Of course with the 1.3m you can sustain for a long time, but you're spending that cash nest egg. 

He's has worked on his job or business, and set aside this money as a nest egg for he and his family.