Jeff - you are absolutely right no one can predict the market ....While things are not as crazy as 2008, RE is having stretched values, and a 15% correction is likely even per your own admission...I am waiting for that 15% now...

I'm sure there are companies out there that work with investors and not "Realtors" Take a look around, check out firms that offer 100% commission.Its worth the price of admission...

The other side of that coin is most schools are upping their admission numbers, something you can check with the school.

was it worth the price of admission? 

I would not do it, and I know which one is most likely to hold up best in a downturn, so I doubt that your plan to make a boatload of money and buy back in when the market goes down would pan out.Your theory on never claiming it as a rental therefore selling tax free is an interesting one, though an IRS auditor reading a publicly posted admission that it was a rental may disagree.

And do you have both her answer and her admission that it just a "rumor on the street" in writing?

The barriers to entry for being an attorney are quite high (undergraduate degree, LSAT entrance exam, admission to law school, successful completion of law school, pass the bar exam, undergo fitness of character investigation).  

Reading the description reminded me a bit of writing an essay back in school where I was trying to pad the word count and put in a bunch of superfluous words and sentences. 

This is reflected in what it takes to actually gain admission to a selective enrollment high school.

Sorry for the essay - best of luck in your journey!