This also gives me the flexibility to live elsewhere if I want (I'm thinking out of state/out of country, etc).As I analyze deal after deal, I feel the combination of rental property earnings from one leveraged property and one non-leveraged property could give me the desired passive income.

That combined with the cash for keys policy creates a huge problem in our industry. 

In Texas the combined mortgage and HELOC cannot exceed 80% of the appraised value of the home.

I shared information on a property that I was looking to buy that had some functional complexities to it.

If you're looking for a combination of both cash flow and appreciation, you can't beat Kansas City right now.

Our Gulf Shores park in South AL had original lot renters at $260, we're using the 21st Mortgage + Clayton cash program to put in new clayton homes and our marketing for $795 combined lot rent and home mortgage is getting good callers every day.  

Overall, given the risk, the perk on both sides seems to be the "long-term" guaranteed income due to the fact that, let's face it, most students today are on student loans or some combination of loans and other funding (scholarships, grants, fellowships).

I would just combine 2 units into one, and find a tenant looking for a larger space for a higher price.  

the stock market might beat 6% appreciation, but it won't beat appreciation, depreciation, cash flow, amortization, and value-add profits combined!

I myself invest in NJ as I find they have the best combination of price and cash-flow.