I want to eventually have financial freedom and be able to spend time with family & friends and explore my other hobbies.

To me, once your portfolio is to the point that you don't need to work any longer, it's not a job, its an investment and your hobby is overseeing it.

I think there are two valid points here.If you want to grow the business and your wealth faster use leverage. it can add more risk but you will get a better return in the majority of places.If your goal is to retire with as little passivity as possible don't get all caught up in the hype of you need a good return that's important yes but it isn't your primary goal in that sense it is stable income for as little work as possible. high dollar hours vs smaller dollar hours.If you have 10 paid off duplexes that cashflow 16000 a month and net 8000 that is a hell of alot less work then 40 leveraged duplexes that provide the same income just better returns in potential appreciation and better equity pay down. in one case you make 6 figures with probably 10 hours of work a week most likely alot less if you are good at managing and selecting tenants and in the other case you would work 4 times as much for the same income soaking up all that valuable time you could spend with family or other activity your like(passion hobby ect.)

I think when you reach the point it's no longer fun and overwhelming.Also, if you want to run it like a business vs. running it like a hobby in your spare time.

If there is 50 rentals on the market  Zillow, (listed by hobby landlords) then that sets the market for that area.

If its a hobby or side hustle just invest for yourself, don't bring clients into the mix.

How "commercial" she may be by  selling a few eggs or a cow or teaching horseback riding will be determined by IRS regulations, "being in the business" of something rather than a hobby type enterprise.

I am sure I could have made a lot more money but I do this for fun.I compare the way I do real estate investing like some other people look at Golf, deep sea fishing or some other high end hobby. 

Prior to these investments we owned and rented out two single family long-term in CO.We are a lot slower with investing - right now more like a hobby because I run an agency company and that takes literally all my time. 

Mechanical Engineer full-time and REI is my hobby but want to switch that around someday.