With the recent rate hikes the affordability is the worst since the 1980s, not the worse ever   Prior to those rate hikes, the affordability was decent/good even after 10 years of high RE appreciation.I have purchased regular and now work RE as a hobby.  

Think people involved in $10+mm deals, whether they be brokers, owner/operators, engineers, finance professionals, etc.And when I attend networking events around personal interests, they are more hobby or lifestyle-based.

It boils down to whether you are investing as a hobby or a business.

But I've found that making time for hobbies can seriously make a difference in how I perform.💼 We're all about putting our best foot forward in our careers, but let's be honest: burnout is real, and it can really mess with our heads.🎨 That's where hobbies come in clutch!

And if your activity does not produce any income it's not a business but a hobby: https://www.irs.gov/spanish/ho...You can set up a Solo 401k plan for a fraction of those costs. 

Agreed with @Gregory Schwartz, the gifts with a personal touch are the most memorable.Gifts related to their hobbies/interests are the best.I typically land at $50-200.I work with a lot of clients who buy properties that need work, so I usually throw in a Home Depot gift card with a handwritten note.All the best!

As such it doesn’t earn a high enough LOI when done as a part time “hobby”.  

But for those that just host for a hobby or personal vacation home and not a business, would be out of place in such a setting! 

If you ever get sued and want to use the business as a legal shield, having a separate business account that doesn't co-mingle with your personal funds will be important when it comes to the determination of whether what you have is a business or a personal hobby (though there are certainly lots of other aspects of this you need to investigate as well).

This is the primary weakness of a hobby landlord and amounts to asking your tenants forgiveness for operating your business.