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.

Quote from @Cédric Le May: Hello everyone, just started my journey to invest in rental properties but I am working full time so for now, I am just reading articles/forums, watching videos online and trying to learn as much as I can before investing.

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.  

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). 

Would you just leave out the income requirement since the housing agency is covering the rent?

To see for yourself, just go online to the clerk’s site, Official Records, look at any random deed transfer recording....the price is shown and the doc stamps $ amount charged is printed on the deed in the upper right hand corner....you do the math......it is $0.70/$100. 

A reverse mortgage can be paid off, but the parents may have trouble obtaining financing as typically a reverse mortgage is received when borrowers have trouble making monthly payments and have little income but lots of equity.

It still wouldn't be enough profit to do this full time without another job.I see lots of people online who have quit their full time job and are doing Real Estate Investing only, buying new cars, being able to travel and I am wondering if this is just their "online persona", it is because of the amount of properties they have that has given them this financial/work free freedom or I need to find somewhere else that would give me a larger return.Either way I am still moving forward on my journey :) I was just curious because that would be my dream goal to not have a 9-5 and my investments give me that freedom.