And, aside from the wealthy parts of the OWE, there are few wealthy people living in the city limits anymore. 

You get paid an acquisition fee upfront and an asset management fee to live on and you get a percentage of a multi-million dollar asset to make you wealthy.

Having a property that meets your IRR targets and also offsets other taxable income is a common strategy, particularly for the wealthy.  

Fast-forward 13 years to this past week, I was picked up in a private plane and flown to California to meet with a very wealthy family to discuss a real estate investment opportunity.

If she has any intention of going into any assisted living home or later going to a nursing home and if she is not wealthy with tons of insurance (most aren't) then she will have an issue with asset determinations to qualify for benefits.

It's been on the market for "a while," and the price has gone down considerably, but the place has not sold.The agent says that the owners are very wealthy and not hurting for money, or motivated at all.

This is where wealth is made and contant revenue stream is realized when done correctly.I have buddy of mine that has over 25 properties in Baltimore( I'm about 45 mins away...seems like another state sometimes...just a totally different part of Maryland...maybe because I'm closer to the nation's Capitol DC!).

Corporate credit and entities are one of the secrets of the rich and wealthy.

Sort of leaving the impression that I'm wealthy enough to buy their house and pay top dollar (if needed) to acquire it. 

It is an issue for business owners, and just wealthy people.An investor can split their assets between personal and one or more entities (LLC's, trusts, corporations).