Cash flowing assets can pay the bills and appreciating assets build wealth is the way I look at it.A mix of both are recommended and it matters where you are and how much $ you have to start on where to start. 

I don't think you get wealthy by trying to finagle around things. 

While it is a bad idea to wait until after there is a problem letting the liability concerns get in front of creating wealth is a bad idea.

My roommate, who was a varsity athlete, taught me how to work out at the gym and eat a better diet.

You could be financially independent and wealthy by the age of 30. 

I have met many renters that are more grateful than wealthy people I know.I fully agree with your point about tenants perception of a landlord flaunting wealth. I

The board member, a pretty wealthy guy, reached into his pocket and gave the guy the money.

The people that I know that are extremely wealthy do so with equity growth plays and not cash flow.Cash flow is just one component among 3 others being potential tax depreciation,principal mortgage pay down if not paying cash, and potential appreciation.As equity growth happens that tends with  re-investment to  grow the cash flow into substantial amounts over time.Regeneration of capital only off cash flow to reinvest takes a very long time.

Tax friendly states typically have an edge since money goes farther and It attracts a wealthy crowd to maximize earnings. 

The bad news for America is that the NIMBYism and hypocrisy of a city like Boston imposing rent rent controls, instead of addressing the heart of the problem through zoning (where it will jab at the lifestyles of the wealthy homeowners of it's population) is never going away.