Even then, you would need to make an investment that would generate enough depreciation to offset that income.

For LP the question still remains: you want to lose 200k now or lose 500k later, all for to just generate 200 bucks cash flow.I'm an adult, and am responsible for my decisions, including the contract I sign as an LP with the GP.

Since the interest rate is already high, adding to it won’t drastically change your overall costs and will free up the liquidity you need for the new investment without affecting the low-rate financing on your multifamily property.Using the hard money loan to close on the new property could work well, especially if the property generates the $6,000/month you expect.

While I've been able to get out of my W2 after acquiring 30 properties, I've learned that you still need to generate some sort of active income unless most of your doors are completely debt free.

If you want to generate revenue, you have to learn to be more effective.

You’re right, though, that you’re unlikely to generate much cash flow, if at all, if you invest in your home state.One option would be to look out of state.

Long-term rentals offer diversification, learning experience, and lower returns but may generate lower returns.

Ideally, I would love to buy a multi-family property and rent it out, I would consider house hacking but I mainly want to my first property to be one that I can improve on and have it generate income for me.

I’m also currently looking to upgrade to a software that allows me to transfer friends from PM to owner and will help me generate form 1099at the end of the year.

If you're ok with roommates and generating some leases, ground rules, and interviewing folks before they move in, you really can't go wrong with house hacking.