While short term income is always welcome, the big goals are going to be based on passive income for retirement, wealth accumulation, and having set things up so my wife can volunteer her dental skills without worrying about generating income.

The high interest rates of the early 80's came down, and he didn't accumulate $4.4 million in cash that equaled the real estate appreciation.In the final analysis, my dad's analysis  comes down to "what good is holding real estate if my cash flow comes down"? 

This doesn't sound like a big deal, but it is when you start to accumulate a lot of money inside the fundYou're likely going to be better off just raising money in some other fashion, like with first position trust deeds per transaction for what you're trying to do.  

It wasn't only about accumulating units, but also better business wisdom on executing the whole rental platform. 

(from our Property Rules Addendum)Tenant acknowledges that it is necessary for Tenant to maintain appropriate climate control, keep the dwelling unit clean, and take necessary measures to retard and prevent mold from accumulating in the dwelling unit.

Hard to say you "changed your mind" when your behavior doesn't change isn't it :)Be bold Be thorough and use your professionals and their accumulated wisdom.  

NYC investing requires more patience and you must have the perspective of an asset accumulator vs. a clipper of coupon. 

He’s put in tile and LVP floors so no carpet to clean or replace, the bathroom lights are wired with automatic fan turn-on which prevents moisture accumulation resulting in mold, etc.  

May be, after a few decades this methods can accumulate $10M to $20M of quality assets and begin to consistently generate $500K to $1M in cash flow, with an average of about 50% LTV... may be...

At that point, you accumulate those expenses and add them to the basis.