Plenty of very unhealthy people have incomes.Wealth is a strategic placement of funds, calculated decisions, and educated spending, saving, and investing that all equal a system in which one considers themselves "set up" to enjoy life without the constant hassle of making ends meet.Theoretically one could flip houses for years, earning well into the upper echelon of tax brackets and still not be wealthy, or be completely wealthy, depending on how they see the daily activities of their lives as either a job, or a hobby that pays well.But to get right down to what I think you're asking Christy, is "what is the best approach to wealth?"

You also have to do your due diligence on unemployment rates, population growth, job market, property specific location - is it strategically good location, and ALWAYS, ALWAYS when purchasing the property analyze how easy will it be to sell it for profit?

@Megan Shay has a good point about the Kitsap area, but it's steadily climbing as well and you'll need to be strategic.

Some people use the short sale strategically, and it can actually make a lot of sense if you are ok with credit score dropping 100 points, and waiting 2-3 years for repair (if you do what you are told by a loan officer/credit counselor).  

Once repaired, put it on the market. maybe consider some strategic but low-cost upgrades like paint/flooring/backsplash/ inexpensive bathroom/kitchen upgrades to make the unit  pop and sell for top dollar (get your agent to make some recommendations on what they think would make it pop in your market). good luck!

I have a friend (we'll call him Joe) who is considering doing a strategic default on his home.Although it's a struggle, he makes enough to pay his mortgage.

So, it may not work all the time.I am not really a NPN buyer, but I will buy them for strategic purposes with a goal of acquisition.

Florida’s overbuilding of the condo market will require strategic and proactive strategies to accelerate sales.

Some cases I've seen relatives that come to live with the borrower but you will have to document the heck out of those strategic scenarios with registration card/drivers licenses registered to your address, utility bills, the relative occupants bank statements, or other documents that show they will live there.

If you strategically plan your rental's between appreciation plays and cash flow plays you can sometimes create enough depreciation loss to offset most of your taxable income while still receiving cash flow from a month to month perspective.If you have 100,000 annually in rental income or 8333 a month in gross rental income you can find a property(s) that still cash flow albeit a lot less that net -8333 a month with depreciation factored in to end up with a $0 tax liability scenario (no tax advice, consult a tax advisor).There are pros and con's at the end of the day to each since rental's arent stress free either =/ so I would always default to have a balance of different products in your portfolio depending on your goals.