I'm looking to start building my rental portfolio and generate monthly cashflow to supplement my earned income. 

Can someone correct/supplement my definitions?

*****@Alex Franks suggested I clarify my first remarks, so I did with:*****Alex, thanks for your response.To clarify, the goal is (relatively) passive income, to build wealth now with current cash flow going towards purchasing more property or more debt, and then to supplement my income later (10yrs+).

The thing that confuses me is all the supplemental steps to make an offer.

I have a job that I really enjoy, and am really just looking to supplement my income, and use my excess time wisely.

Not to sound sycophantic but I think deciding to supplement the podcasts by introducing different content such as mindsets along with advanced theory is spot on.

It's one thing for people to work part time because they want to but for many it's a HAVE to thing in their golden years to supplement S.S.I read a scary statistic the other day that 90% of seniors have a net worth of 100k or less.These kinds of things just make you think how bad things are out there.    

It's great that the seller is willing to upsize the debt by placing supplemental subordinate financing but you are stuck with that financing (at above market rates) for five years and you can't refinance out of it without huge penalty that likely makes in infeasible. 

Now, although he has the money and experience, I have sufficient more "book knowledge" and have done more research that can supplement his experince.

@James Denon There are pros and cons to both, but if you want to invest in a larger deal, you should ensure you supplement your lack of experience with either a partner or property management firm.