I don't agree it's a joke. There's 4 sane avenues to it, though they all revolve around the $80k USD income, one way or another.
Not sure why you jumped to rental properties, but plenty of people have 80k passive income per year through any number of means.
None of those paths are useful to me, and I kinda wish one of them was.
I've had Elite for 5 years, and I wouldn't recommend it to most people, to be honest.
The things the LTV does give you that are advantageous over Elite are
90 day reporting extension to 1 year. Not all of us are in BKK to have Elite do the first non-online 90 day for us, and it's about 50/50 if you can push it through online first time each return.
Exemption of 4-1 employment ratio
Work permit ( Though it's digital only, which doesn't help me )
Tax exemption for overseas income
The kicker for both of them, for me, is that you can't apply for PR on either of them.
I could switch to LTR, but instead I'm just going to go for my own local company and work permit.
It's inconvenient in some ways, needing more visits to immigration, but I've found Elite to be a PITA when companies and agencies don't know what it is.
( 1 out of 4 Banks was a problem, 1 in 2 Car purchases was a problem, and 1 in 4 bike purchases. In all cases, they had copies of what they expected to see, and couldn't/wouldn't deviate from that. I sense this might be a problem more in my area of Thailand, though )
TooLate;ReadAlready: LTR isn't a joke. But it's contextual. Don't use if it doesn't work for you, but there's real benefits over Elite that I'd personally value.