We also have a separate emergency fund for ourselves which includes 6 months PITI + 6 months maintenance (we have a coop for primary residence) + 6 months spending money (with no lifestyle reduction).

It has been a wonderful lifestyle for me because I have been able to save money in the working season and then have the freedom to pursue other interests of mine in the offseason (ie, travel, surf, fish, etc.)  

If you want to take it back super old school cool, #35 with Paula Pant is another one that's more about real estate in the context of life style.

Decided long, long hours, Monday morning national stock holder calls and the B.S. wasn't my lifestyle.

The lifestyle I want to live is second.

While all of these are vital for many different reasons my suggestion would be to find what really fits YOUR lifestyle.There is no wrong or right with which direction you take in RE (As long as you do your due diligence of course) just as long as it fits YOUR lifestyle because in the end you need to be happy and confident in what you do and not try to pursue someone else's  direction simply because they have had success in it.One of the best ways to really gain the knowledge you seek is after you pin down you niche really reach out to those in that specific field.

@Jake Stuttgen thanks for the advice.At this point it would be payed of monthly by my other properties with out affecting my lifestyle saving or any other day to day.

Are you living a lifestyle that allows you to save money aggressively?

Just find something that fits your lifestyle and criteria and buy it.  

I have a high paying W2 so I don't use any of my cash flow to pay bills or support my lifestyle.