i got 2 properties under contract, one is a duplex that is vacant but in decent shape. and the other one is a triplex that is occupied. the numbers are very good, but my partner want to back up from the deals. stating that the neighborhood is unpredictable and it will not appreciate much. even though that some properties around on the market at much higher prices so i feel comfortable with the purchase. what do you guys think? 

Not a huge amount, but its unpredictable when it will be needed.There are other ways to invest.

Even with great planning, life can tend to be somewhat unpredictable.

cashing out as a regular refinance is usually the best bet after you've done your math to make sure you can still cash flow for 1; secondly you need to keep your debt to income ratios in line.A heloc is flexible in it's use but is typically interest only payments for the first 10 years and then converts to principal and interest thereafter for another 20 years. in that first 10 years the rate is not fixed, so it can be unpredictable and the qualifications are about the same as a regular refinance.Rates for cash out on your primary will be current market rates plus a little hit for taking cash out.

Even in this day, they view "salary" as something stable and predictable and "profits" as something fleeting and unpredictable.

Should we avoid these old homes (that make up a large part of our market) due to unpredictable and potentially expensive maintenance costs?

I've been looking on AirDNA since i posted this and it seems like useful info for revenue research.At the end of the day, the rental income will always be somewhat unpredictable i guess until the listing goes live.  

Unless I could get a townhome/condo dirt cheap I probably wouldn't touch it because of the fees and unpredictability (some will have restrictions on leasing your unit).

Being in the right place at the right time (see "Outliers" by Malcom Gladwell) and unpredictable happenings (see "The Black Swan" by Nassim Nicholas Taleb) will have far more effect on any particular person than college.

I pity the buyer who believes that only to get caught off guard when a big, unpredictable-but-inevitable expense crops up.