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Who would want to live anywhere like this? No way.
And your entire post sounds like an advert.
There are millions and millions of rent slaves who will gladly pay the exorbitant rent. Or maybe not gladly, but as slaves they will pay one way or another.
I noticed there is No Health Insurance (Guess it with his F/T job, or thru his parents? still?) $500/month + Deductible reserve fund of $2K?
If he is doing this F/T he now need to think about his Retirement, Disability, ~20% of Gross.
Vacant Fund: Where is the Replacement dollars for when the unit(s) are vacant and not generating income. I would assume 3-5% Each Unit vacant 1 month out of each 36months + Cost to remarket unit, Utilities for that month, New Paint, New Carpet.
Capital Replacement Funds: New Roofs? Heating Systems? Hot water Heaters? Appliances, 10/15 year Kitchen/Bathroom remodels?
You are correct, he does still have insurance through his parents so that is an additional cost.
What he is doing is putting all income from rents and paycheck into a bank account. Slowly building over time he will use the money for down payments and rehab when a unit needs it. This is not the correct way of handling this.
The vacant fund is a great point. In my APOD spreadsheet i have maintenance and repairs as separate line items both being deducted as an expense. These deductions include the cost to remarket, utilites for the vacant month, and the cost to rehab.
I have a brother-in-law with 200+ rental units. I do not think that he considers himself retired at all. Even if you contract out the management and the maintenance (and the profits), real estate requires a lot of work keeping the units occupied.
Only a 22 year old with no experience in real estate would underestimate the effort required to own real estate profitably.
Just wait till one of them loses their 2nd job, gets sick, has sick kid, and can't pay the rent. Start the eviction process. Months of No Rent, If the tenant is good at it they can drag it out 6-9 months, Maybe a year.
No Income from the unit, Court Fees, Process Fees, Legal Fees.. When you get them out the unit will need a total renovation and clean out.
Who would want to live like what...?
An advertisement for what?
This method wouldnt work for you anyway. You seem lazy and quick to jump to conclusions.
Taxes, maintenance and repairs are all expenses, bud. 100% occupancy.
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sure 
