How to reach $1 Million

*Make $1 million with 3 properties. Assumes the following for each property: a purchase price of $182,600, annual rent of $26,400 and annual expenses of $17,780.

(Money magazine) -- Becoming a landlord has always been a well-worn path to millionaire status, with good reason: Not only does owning properties let you generate a second source of income, your tenants' checks will help you build equity in your investment.

While housing sputters along near the bottom, most entities are cynical of the market, while one company is expanding rapidly and seeing success in turning REOs into rentals while revitalizing communities and getting involved in the up-and-coming real estate hot spots.