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I will only point out that the "buy one to live in, buy three to rent out to greater fools" method of home finance did not work out that great for a whole bunch of people. I know a lady who is underwater on five different houses. She made $50k a year at the time of their purchase.
I have the opposite experience. I know several people with a house and a rental property (condo, usually), and they are all doing very well. I would hypothesize that someone making $50k/year who buys 5 houses has a predatory lender and bad judgement, as well as a bad business plan...