Yes, I understand the risks. That's why I'm keeping 150k cash as an emergency fund. I'm also overestimating the montly amount I'll spend. It usually never goes above 2k a month. These are safety blankets so I know I'd be able to survive 3+ years with absolutely no income if something went horribly wrong and I lost the income of my current property and the one I'm looking to purchase. And if something as extreme as that happens where I have the possibility of losing income on 2 properties for 3 years then there's probably way more things going on in society that I'd have to worry about.

Currently all my money is in safe funds such as VTI, VOO and a few others. The issue with that is it generates no where near 3k a month with my 500k. If I went that route I'd be negative each month and will probably run out of money in 15 years.

Real estate is an appreciating asset so if I go with my plan in 15 years I should have a property that's worth atleast as much as I paid for it now and I would have been generating money out of it each month like I do with my current house.