<p>now I have friends who are living on a small income
Wife- works selling real estate- I don't know how much she makes- not much I imagine as she started less than a year ago and she has a 2 yr old baby.
Husband works as managing a duplex that they own- which is probably moderate income- it is in a lower end neighborhood- of course they would also have the mortgage as well. so the income from rent of the duplex and the real estate sales are what they live on.
They also own a huge house that they are fixing up to sell. It is in a "depressed" neighborhood that is coming back. They have been working on it pretty steadily for about 3 years- they had to take it down to the studs and floor joists- it hadn't been lived in for quite a while.
So that isn't bringing in any income- but it is an expense.
They actually were living in one floor of it while they fixed it up, but finally found another place to move to when their baby started to become more mobile.
So while they own three properties and all the expenses connected with those properties ( mortgage repairs etc)- the income is only from rent on the duplex and from the real estate liscence.
Luckily their daughter has a few years before college- so hopefully the mansion will be done and sold by then :)</p>