I've decided I'd like to begin investing in rental properties so I can generate some passive income streams while I continue working my "regular" job.  

If you're being above board in paying transient occupancy tax you have proof of income stream.

You would need a steady stream of them to make a living.

If this one 4+1 comm. works out like we planned, it will likely end up being our best investment as we should get all our money invested back and the property will provide a free 35k cash stream for life.

However, I want to keep that going and at the same time establish passive income through multiple streams to supplement my retirement.

Plus my agents could sell properties for others and create an additional revenue stream. 

However, inventory here at that "lower" price point is extremely limited and there are a lot more options if we increase our budget another 20-25%, but this means we would need to find another stream of income to make our mortgage comparable to our current budget.

My plan would be to eventually rent out the single family portion of the house as well as the in-law space and have 2 income streams from the one property, just like a multifamily.

Income Stream, 3.

Blackstone Group LP, the world's largest private equity property investor, is considering tapping individual investors as it expands into owning high-quality buildings with steady income streams, according to a recent Bloomberg article.