I'm Phil and new to this real estate investment lifestyle.

Then I can assess which method will best support improving our monthly cash flow and lifestyle goals.Any advice would be much appreciated.

I'm 29 and I'm saving every extra dime to invest in future assets so that I can one day develop a passive income stream which will help me as an artist to maintain the lifestyle I want to continue pursuing.

Assuming you are single it should be easy to down grade your life style curtail your frivolous spending and focus.Save what you need for the DB on a multy that you can live in and move forward. 

Bob needs a Joint Venture partner who believes in him, despite his live-it-up lifestyle which he is only now now saying "oops" for! 

If you would want to live there, there's a good chance like-minded people will want to live there too (of course, this assumes you'd want neighbors/tenants that have similar lifestyles to yourself).  

Look up Del Walmsley under lifestyles unlimited who specializes in multi-family here in Houston.

You don't have to do ANY work for it other than cash the checks.Now, try to find a property where, if you invest that same $200k, your total annual returns (cash flow, equity from paying off a mortgage, appreciation) gets you AT LEAST $12,000 and compensates you for any headaches related to managing a rental property.It's gonna be really hard for you to find that in Oceanside.The point is to think about this potential rental investment compared to all other investment opportunities available to you ... then pick the one with the largest total return that matches your desired life style.

@David Pierce From how you describe your lifestyle. turn key could be a good way for you to go.

That's their lifestyle and there is nothingwrong with it.