I already have proof of concept in Raleigh as Ive talked to multiple people (including the agent Im working with there) saying airbnb-ing rooms is a cash cow there. 

The modest cash flow could be reinvested, eventually allowing me to build a portfolio of income-generating properties.I recognize your point about needing $2.5M–$3M in cash to consistently replace a six-figure income.

The first goes to foreclosure you will need to cash out the first before it goes to sale other wise you will get wiped out..

recovering this negative position can consume years of the actual cash flow when using realistic expense estimates.  

We sold one for $257k in cash and are holding the other one as a rental.I’m curious about others’ thoughts on build-to-rent (BTR) projects, especially on infill lots.

Harder to cash flow due to 25yr am vs 30yr standard.

The structure will depend on the down payment, quality of borrower, terms of note, your cash out of the note sale needs, and other factors. 

I can leverage my WLI cash value to purchase it outside the banking system.  

There are no tax deductions for such gifts, however you have a $15k per recipient annual gift limit that avoids the chore of filing a gift tax return.

This will help guide your decision opposed to investing somewhere for a novel reason.for example for me it was cash flow, price to rent ratio, land lord tenant laws and availability of multi-families(Just to name a few).