…They simply have to buy as much or more than they sell for (after closing costs) and reinvest all “cash” they receive. 

Did you make your millions from cash flow or appreciation?   

Or do you go for cash flow only?

When they don’t share the numbers proudly, it is usually a negative cash flow situation. 

Curious about the wisdom of messing up a good thing with a cash flowing property to potentially own/sell a multi million dollar property.obviously would like  a better understanding of the risks involved.Thank you 

If that's your goal, you want 6-7 homes that make great rentals - low costs of ownership & maintenance, high ROI relative to cash in the property, easy to rent, etc.

But if you plan to scale up, aren't you talking about $1mm to $2mm upfront cash to support your deals, prior to lenders? 

Cash flow is overrated, it does very little to create wealth.

There have been several examples of $1M+ listings that are still receiving multiple offers, and many for all cash. 

Renting both units could probably cash flow around $1000 per month.