I've spoken to some friends and families about it and most of them instantly go to, "I couldn't do that because I don't have a lot money to start". 

Instead, my neighbor was instantly adverse.

When the recession hits they will expand and your investment will instantly be worth less than you paid even if you hold-steady or improve rents.   

People would rather have a larger up front pay day instead of an equity stake in a cash flowing property. 

.- Heirs don't have to take care of old lady, but STILL get their big pay-day when she passes away, and you refinance that $300k, which means the heirs will get a $300k check from your new lender as part of the refinance. - You get a property that's a little in the green now and not knocking anyone's socks off, but you lock it in at today's price & loan amount, not the one applicable after it appreciates for another X years.

This is instant return to your family and if you eliminate 18% interest on a credit card, that is a hard return to match with the amount of effort it takes.Third, I would make sure you have an emergency fund so that you can pay for any unplanned expenses that arise.You can focus on the highest interest rate debt first, which makes the most mathematical sense, or you can eliminate the smallest debt first for a feeling of accomplishment (Dave Ramsey method).Also, I am a firm believer that you cannot cut your way to prosperity.  

I didn't overdraft my account or get a payday loan. 

I would estimate we made 100k instant equity after the renovations were complete.The reason I started in real estate  was because of a horrific car accident in 2004 that has left me disabled where I am unable to hold a full time job.

Most markets won't support instant refis for all of your capital (at least not for the majority).

The three pigs built houses but the one who planned for the long term security and didn't look for instant gratification was successful.