Hypothetically, if I found a property with strong rental demand, the income could cover loan payments, operating expenses, and generate a modest positive cash flow.While this example involves upfront risks, the idea would be to leverage my father’s expertise as a contractor to minimize renovation costs, boost the property’s value, and create a long-term asset that appreciates over time.

Unfortunately I was not able to put much away for retirement most of my life so I was thinking about attempting to buy 4 rental units over the next 4 years with the hopes of building up something that could generate income in 5 to 7 years to supplement my retirement at 68.

I plan to pull a standard lease agreement from the Florida Supreme Court website and review it with her next week.I have received a new job opportunity where I will be making an extra 40k annually and must move out of my home quicker than I initially expected.

Commercial Revenue Generating properties like office buildings, apartment buildings, retail centers, etc (banks call it "CRE" lending) are typically evaluated from their net operating income, not gross.

Recognize initial cash flow is likely at an all time worse.  3 recent studies show that the rent to value ratios are at an all time worst.  

After 45 + years as a real estate investor, broker, lender, fund manager and syndicator, I’ve become aware that the “dream” of many investors and investor “hopefuls” is to be able to generate enough cash flow to live off their real estate holdings and accumulate enough wealth to make “work” optional.

Then you 2 would agree on how you would split the profits once the property is generating cash flow and the original equity is returned.

You have come to the right place to explore different ways to generate passive income.

@Nicholas A.House Hacking a primary residence is the best way to generate wealth. 

@Ricky RigsbeeI got the analyzer and it does a good job assisting you with your underwriting and the different scenarios you can generate for comparison.