Once income and expenses are categorized, there's a lot of reports you can generate like the cash flow statement for each property. 

Real estate can provide a more tangible asset and potential for rental income, but it requires more management and can be less liquid.

In these cities, your financial resources will go a long way enabling you to assemble a diverse multifamily portfolio and initiate a steady stream of income.

If you have trouble showing income and the property is non owner occupied, you may qualify based on DSCR 

Our idea is to convert part of the home to a Jr Adu and get rental income that will offset the expenses for dear dad and let dad live rent free.  

Depending how much you earn you can step up those savings by getting a side-hustle in any part of real estate....working for a top Real Estate office on weeknights and weekends, working for an RE Investor, working for a General Contractor and learning a few skills, etc.

I owned a 12 unit apart building in a very low income area with all section 8 tenants.  

Hey Lords and Ladies,
As I embark on my real estate journey wearing both the investor and Realtor hats, it’s becoming clear - the STR scene is going to be one of my core niches. My personal trusty cash flow analyzer ...

However, I would appreciate further clarification on what you mean by having a Plan B, C, and D.In my experience playing the BRRRR game on a smaller scale, typically with homes valued around $200,000, I have found that it can be challenging to generate significant monthly income, Instead, the focus is often on building a portfolio without having to make substantial out-of-pocket investments, which is indeed advantageous.

My goals have always been to build passive income leading to financial independence (which I've been fortunate enough to achieve).