The Portfolio Mindset Shift: Deal-by-deal vs. systems thinking. How does each property fit the portfolio? Does it diversify risk? Does it fund the next acquisition? The Wealth Compounding Cycle: Acquire → Improve → Refinance → Repeat. Each cycle pulls equity out and redeploys into the next property. Diversification: Mix property types, locations, strategies, and price points. When one market segment struggles, others carry the portfolio. The Cash Flow Tipping Point: At 3-4 stabilized rentals, combined cash flow covers personal expenses. Financial independence from your day job. Capital Recycling: Selling underperformers and redeploying equity into better markets. Don't fall in love with properties — fall in love with returns.