Eliminate debt, establish a budget, and save.

Personal background: Married with no kids, 100% debt free, live a rather tame lifestyle and don't spend large amounts of money, two newer vehicles (2020 & 2024) so no vehicle purchases expected for the next 10 years. 

My buy box is a home 5 years or newer, A or B-rated schools in the 200K-400K range that will appreciate over time with someone paying down my debt.

The deals I underwrite have been cash flowing right up until I put debt service on them, even with taking a break even amount in a refi. 

If you don't have the downpayment, go make some cash so that you do, either through saving from your normal income or some real estate investing efforts.Your point on debt paydown, although true, is not relevant to the argument of BRRR vs. traditional rental.

With this property you must leave $50K in the property in order to meet lender debt coverage requirements.

If this is done, then 75% of the gross rent for your current primary can be used to offset the mortgage debt of that property to 0.

So now instead of feeding the hungry stock market you can feed the hungry rental.I have watched people keep big debt on their home and then have the stock market crash.

There ARE people able to create enough hype, misdirection, and lies to successfully conduct a “Capital raise” without possessing the experience, education, knowledge and analytical ability necessary to have a fair shot at success.  

That's why I say 95% of the debt out there is on assets BELOW $125K in FMV.