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To most people, being $12 million in debt sounds like an absolute nightmare. But for Michael Elefante and his wife, it's the price of financial freedom.

In a recent X post (1), Elefante told his story. He and his wife walked away from six-figure jobs, borrowed hundreds of thousands to buy their first home in Nashville, and listed it on Airbnb. The gamble paid off. The property earned enough to cover the mortgage and then some.

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Six years and 11 houses later, they claim to be earning $50,000 to $100,000 a month from short-term rentals -- all while carrying millions in debt from their multiple mortgages.

Their message is simple: Instead of fearing debt, use it to buy assets and let those assets pay for your life. It's a bold strategy, but is their attractive lifestyle a model to follow or a dangerous bet that could collapse under the wrong conditions?

What are the pros and cons of this approach?

On the surface, the pros are clear.

Elefante and his wife leveraged debt to buy income-producing assets and create financial freedom, allowing them to focus on family, travel and experiences. For those who value time and don't want to work the 9-to-5 grind, it's an appealing trade-off.

But the risks should be examined. Carrying $12 million in debt means their success depends entirely on Airbnb listings. Basing your income on another platform's whims is always risky -- if tourism slows, regulations tighten or expenses rise, they're still on the hook for all 12 mortgages.

If any of their homes were impacted by natural disasters, the income they depend on would be suddenly limited. Even something as simple as a pipe bursting could have an oversized effect on their budget.

And while the couple claims they work only a few hours a week, the reality is likely more complex. Managing multiple properties typically requires full-time attention or the services of an expensive property manager.

On top of that, Elefante has built a side business around teaching others how to follow in his footsteps. He sells books, online courses and content that walk aspiring investors through the process, which suggests that their workload may be more demanding than it appears [2].

This couple says they're $12M in debt after buying 12 Airbnbs -- but the risky move gave them financial freedom