We are 61 & 62 so are looking at maybe using some of the funds in the near future - so about 5 years ago I started moving towards only dividend paying stocks and some ETF indexed funds... so far I have rolled dividends back into the investments, but will probably start allowing about 4% of the portfolio value to accumulate as cash each year - assuming I make at least 4% :)  I have read over and over that withdrawals of 4% is the right number to make the money last for your lifetime... 

I am located near USC & work in Santa Monica but am willing to commute anywhere as I am trying to accumulate as much knowledge as I can.

For example, if an individual borrows $250,000 with a 30-year, fixed-rate 3.5% mortgage, the total interest accumulated over the life of the loan would be about $154,000.

Sure, you'll find a few shops that quickly accumulate and manage a ton of properties.

If I'm able to get roughly $500/revenue per month, I'm almost living for completely free, which would be a huge boon to my capital accumulation process. 

Our experience is that we are now deeply in debt because of the huge purchase on credit cards for the elite legacy education system (we were debt-free before we signed up) and we are even further away from our goal of investing in properties because of how much debt we've accumulated trying to get a business off the ground with no money to start.

You should definitely have more liability coverage once you start accumulating properties. 

You should be able to earn a living and build a nest egg to begin accumulating buy and hold investments over time.

This is sizable but realistic chunk of cash, that many in our 30's and 40's have already accumulated, either by working for it or through inheritance.

It is a daunting venture for a newbie so I'm taking my time and accumulating existing rentals in the interim.