We are not looking to conquer real estate but just start generating some passive income I hope this finds you all well.

And, if you were able to generate $500/mo cash flow as Scott suggests, his method would not replace your income: if you could do only 3 properties a year that would net $1500/mo cash flow and it would take you 10 years to scale it to $15000/mo.

They will likely have the ability to generate them.Disclaimer: While I’m a licensed attorney, I’m not your attorney.

I'd also advise out of state since you can certainly generate better cash flow too. 

Selling and exploring a 1031 exchange could make sense if you can find a deal with stronger cash flow or faster equity growth, but the key is comparing your current return to what your skill and experience could generate in another investment.Here to help,Jorge

I have no w2 job, a lot of toys (need to get a plane), can do what I want, can assist my son to find his way in life (he is leading his 2nd rehab) and if I wanted I have generational wealth (I have given away a lot money the last few years).  

If you love property management and want to start a business keep looking into it.Otherwise keep buying income producing properties to generate wealth.

Currently still favor the house rental for MTR and long term strategy in ABQ, but I don't think you generate any solid cash flow unless you can get a turnkey 2BR for under $250K.

And they execute their investment strategy/model (develop, resell, hold, etc.) effectively to generate a return and/or equity and make a living.

I prioritize appreciation, tax benefits (rental property expenses, depreciation), ability to use leverage, and passing on generational wealth with real estate.