I’ve had multiple people contact me and I’m looking for possible solutions.

That said, I can handle it when necessary and have successfully built multiple self-started businesses and ventures in real estate investing (REI).

I recommend researching the average appreciation over the past 10 years in your target area to get a clearer picture.As you know, in real estate, ROI comes from multiple sources: Home Appreciation:  Reno Appreciation: Value added through renovations or improvements (usually just in the first year).

I am interested in investing in something a bit more passive as I am getting older and, while I love the real estate asset class, I do recognize the need for multiple streams of income. 

A solid property management team (or maybe multiple PMs if your portfolio is large enough) is a must for out of state investing.

Quote from @Chris Seveney: @Charlene Kingsnorth have you had an sec attorney also review what you are doing as if you're are having multiple people as part of a loan participating in it depending on the state this could get you in hot water - so be careful  good point Chris some state allow fractionalized deed of Trust mortgages other do not or require PPM like documents prior to offering them..

Taylor sent multiple email inquiries to our insurance provider asking what risks their policy covered.

But it feels like if you keep cashing out equity on your properties to buy another, you end up with multiple properties but with your equity stretched really thin, like a house of cards ready to collapse. 

I actually asked in writing multiple times to verify it was a triplex as that is what I was wanting to buy.

That sounds like massive renos (ie new floors, painting...).Yes as you acquire more properties, the chances of having multiple vacancies (no matter how leases are staggered) increases.