And honestly, most wealthy and ultra wealthy people make their money outside of real estate and then maintain their wealth with real estate.But back to real estate: If your goal is passive income, you need to make investments that generate passive income.  

Unlike the US Puerto Rico is seeing continued growth due to the tax incentives and the number of wealthy people relocating there to take advantage of these tax incentives. 

For the super wealthy, these places are 2nd, 3rd homes which sit idle.

Only had one killer deal (7 adjoining  properties) where the end buyer knew the whole story, he was a neighbor, he is wealthy and very astute, he said he wanted to buy it and ask me to shoot him the price I needed, I did, he didn't blink as he knew what I went through to get at that point, but he did shake his head saying he should have bought it from the previous owner.

I think all this renting versus buying comparison is nonsense, you don’t get Wealthy in real estate renting, you have the advantage for owner occupied rates and you can get supplemental income and get lots of tax benefits, loophole’s, force equity, development opportunities, and it’s unlimited teaching moments for the kiddos.

@Don KonipolAnd the investors looking like this will sit on the sidelines for years and wonder why they are not wealthy.

This is why you will hear from seasoned investors to start with 12+ units for your first property to minimize the per unit cost of management or scale to ~12 units or so as quick as possible.You will not get wealthy from managing property however it does provide some invaluable lessons if you are really focused on growing your business.

I always tell people Newburg is a place where you have money to sit and wait for the real gentrification to happen, you can become extremely wealthy.  

Might as well keep it and let the property be your piggy bank.A worthy consideration, though I think a large part of the buyer pool are wealthy cash buyers (who don't care about interest rates) looking for a part-time or full-time residence. 

I always hear wealthy investors online talking about how they borrow against their assets to generate tax free wealth.