But I've learned the benefits are certainly much greater with a national/global referral network, opportunities to work with other agents and even trade investment deals with that network, now I can learn the commercial side, the ability to build a local team without a broker's license, revenue share is an interesting income stream where you succeed when you help the organiation you build succeed, the ability to earn your cap back as a top producer, etc. 

Would it be smart to invest all of our savings into a project like this if it isn’t producing any passive income right away?

While 55 might feel old, truth is life expectancy has increased such that you can plan you have at least another 30 years to invest and even more importantly you need to invest and produce income for the next 30 years to maintain a comfortable lifestyle.So there is plenty of time to get it done.

That leaves 4 units I can immediately start renovating to produce additional cashflow immediately.

On the passive side: REIT, NNN, joining SyndicationsIn the middle (not passive, but attempt to minimize the work): turnkey, multifamily with a PM, SFR with PMLabor intensive: notes, self managed buy n hold RE Most labor intensive but opportunity for highest returns: Value adds, BRRRR, wholesale, being the syndicator, being the developer, flips.The last category requires work, but can produce returns in a different league than the stock market. 

Keep in mind I have spent Thousands upon thousands of dollars in marketing of one to produce what some people would consider a no money down deal.

Some banks will take 70% of the income produced by the other units in the property but that is rare and you will have to have a signed lease for that income to count toward your debt to income ratio. 

New York and Austin both experience insane competition, but we believe Austin and Texas have healthier economic fundamentals than New York that will produce more wealth over the long term. 

My mentor made me identify the problem, vision, mission,  and principles to bring more structure to my business.Here is what I wrote.PROBLEM:With most owners expecting to sell their properties at market or above market it is difficult for busy professionals to find stable real estate investments that will bring at least a 7% CoC ROI without investing a lot of time and resources in lead generation VISION:To give busy professionals an opportunity to own solid income producing property opportunities without them being required to do the hard of studying real estate, building a team, nurturing industry connections, etc.

I agree that you could cover both options with buying a primary home that has at least one income-producing area, be it a carriage house/converted garage apartment, an "in-law suite," or even a home with a suitable layout for easily converting to/adding rental space.