You’re going to spend hundreds replacing the fridge and then spend hundreds per year on bottled/filtered water instead of paying a plumber a couple hundred once?

Spend some time considering how the repairs will get you a return on investment.

You can EASILY pass several million to your heirs tax free and avoid at least a $1M in taxes if you spend anywhere near 20 years investing in real estate. 

Spend the $25,000 on a deal not a consultant.

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

My primary business is owning a wealth management company, and is where I enjoy spending my time.

To continue with the 8-unit example, you again end up spending many multiples of these costs to build a comparable portfolio of single family properties.Another disadvantage of single family properties is that there is only one tenant per building and if they stop paying or if there is a vacancy, the entire cost of that property is on you and your wallet until you can fill that vacancy and get the rent coming in again.

There's a specific forum for House Hacking.You'll want to spend some time reading through there as it's a common topic.

We've started looking into real estate because we want to use our valuable time to invest in our kids as they grow and invest in our local community through volunteering, not spending all of our time working 9-5 for the next 20 years.Our goal with Bigger Pockets for this year is to determine our plan for investing, and then make our first purchase.

However, I’ve witnessed cases where the investor went “all in”, spending and losing many millions.