If I want to generate $100,000 of passive income, at $200 each thats 500 units, which could mean a total mortgage of $25 Million.

         $15,000     Total cost                                                                                                                  $80,000Based on comps land should be worth                                                             $170,000**The land I'm purchasing is 3 acres. 

So the attorney either doesn't get the nuance within a "safe harbor" or more likely they understand her total picture better and know her situation.

ProsRisk DiversificationPotential to find better opportunitiesMore property available to choose fromConsFewer economy of scale benefitsStretched to thin due to more things to keep track ofAdditional risk due to higher overheadRisk of needing to rely on a new set of individuals (Sometimes the Devil you know is better than the one you don't)Potential to end up with less profitable opportunities

At that point, you'll have to get gross numbers like total monthly rent and current NOI, and base your offer on that. 

Do not rely on it as legal advice.

Other unit is where I see the value add for possible BRRR.Both units currently rented for $1,350 per month ($2,700 total revenue per month)For evaluation sake, I calculated that I had to pay full asking price, $3,000 annual taxes, and $2,000 annual insurance.Self manage the property, 8% vacancy, $100/month maintenance expenses, $100/month Cap ex, and $100 utilities.$64k down, and another $15k rehab to bring the 2nd unit in line with the 1st.I come up with cash on cash return of around 9.3%.

We'll offer you a Home Equity Loan with 3% closing costs (on the total amount of  your loan) and a not so good interest rate of 5.49%I'm very inexperienced in the loan industry.  

That would be your total cash income / loss from the rental property. 

Anybody who has made it a point to try to tell me how much money they have has turned out to be a total waste of time or have no money at all.