Feel free to modify ours for your own use.About your applicant...

That's a very complicated but (seemingly) brilliant strategy.I wonder if you could modify it a bit to match my query:I'm joining forces with with another investor who's also a RE agent with his own LLC.  

I would say it's a separate conversation for you.... or at least over 5-7 years you can spread out the premiums.The reason is that the it needs to remain outside of the MEC (modified endowment contract) status, which is a ratio between premium and death benefit. 

I just wasn't sure if it was known that they always modify it somewhere like certain pages.  

We even modify apartments to make it easier for them, such as installing comfort height toilets, grab bars, handrails at the front step, and good lighting (inside and out).Good luck!

Offer to modify the terms to include interest or a piece of the profits.

I am modifying them to suit.

Anyways great news is I am still making well, and honoring my original (but yes modified in writing) agreement.

SEC docs are not cheap, but can be modified and reused for other deals in the future. 

But to your question:Your income = 3,000/moBuy 1M house, 500k down/equity 500k loanRefi to 750k loan, 250k equityRent other units at 2000/mo/unit (say 4-plex, rent 3) = 6,000/moNew modified income = 3,000+6,000 less expensesBuy 2nd unit at 1M, 250k from 1st house refi add 250k more (750k capital exposed) ... 500k loan, 500k equity/downRefi to 750k Rent 4 units at 2,000/unit/moNew modified income = 9k + 8k (2nd prop) less expenses........ repeat steps until capital runs out.