If you leverage, the analysis is much different.  

Could I have scaled more by re-leveraging? 

I suggest buying real estate inside of and outside of your IRA or better yet qualify for a Solo 401k then you don't have to worry about UBIT on leveraged real estate. 

It's properly leveraging (not over leveraging) the asset that pays off.  

Or do they leverage debt, and use the subsidies to cover the equity needed?

I will leverage every asset in my name to make this happen.

Here's how I do my due diligence:1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where I think we are in the real estate cycles (financial and physical market cycles)b) Then and only then do I pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

You are way too over leveraged."

Get knowledge, follow experienced people, and leverage wisely.My Take:If you have two houses, excellent credit, and motivation to build wealth, you can learn to manage your money responsibly.Use HELOC, credit cards, and business credit funding to leverage your cash and buy properties faster.

Their education and support gave me the confidence to expand my business and now have my own fund and growing membershipI have found that the majority of complaints from students of any education focused company failed to take any action and failed.