That means saving up for a down payment, plus any expected repairs, plus a good $10,000 - $20,000 or more for a first small 1-4 unit investment property for any unexpected repairs, and that number goes up if the property is older and perhaps more likely to accumulate damage.

@Schadrac MertisThis is generally an unpopular opinion - but virtually everything cash flows if it's paid off.If you use debt to accumulate and build, eventually they will be paid off (of course you can decide to pay them off faster if you want), at which point you can retire off of equity. 

That way I can cash flow on the property and accumulate funds for those expenses prior to buying.

In my market, a lot of people will be underwater; and some local 'real estate moguls' are playing with a whole lot of debt as they keep accumulating overpriced properties, thinking they'll be able to refinance.

., how to find and fund deals and how to protect the assets that I do accumulate.  

If you are renting these properties out for a profit, then your debt to income ratio (DTI) shouldn't actually increase too much.I think lenders are typically willing to recognize something like ~75% of your rental income if you have lease agreements in place.So, assuming you're renting them out for a profit, the accumulation of debt on those properties shouldn't have a big impact on DTI.

I'm at the point now however (in my 60's) where it might be time to accumulate more liquid assets.A lot of folks tout leverage but ignore the fact that borrowing is expensive.

But if you have a job outside of real estate, invest for longterm equity growth now, then trade into cashflowing assets when you've accumulated some wealth.As far as the numbers go, you won't find a cashflowing househack in LA, so don't expect to!

My goal is to accumulate enough assets so I can quit the “rat race” and have financial freedom

As investors repeat the cycle with multiple properties, they can create a portfolio of income-generating assets and accumulate substantial wealth over time.It's important to note that while the BRRRR strategy offers various advantages, it also involves careful planning, due diligence, and a good understanding of the local real estate market.