What is required to obtain real estate investing independence is the following1 - TRUE education in real estate (1) principles, (2) law, (3) finance.

Even if you only averaged 2.8% appreciation annually, which if you've had it 20 years I have no clue how that's true given prices have well more than doubled in that time, youre skipping over the fact that you have been benefiting from that appreciation on the ENTIRE house, not just the % you paid for.  

Quote from @Scott Trench: @Scott Johnson we typically don't delete forum posts, and I don't see a reason to make an exception here. 

Demographics tell the true story.

It's important to run your own comps and go out to the property with a contractor so that you can get an idea of true renovation costs. 

You’re probably thinking you have to offer asking price – not true!

Very true.

I'm new the notes world and frankly the 3-year locked in PPR preferred return of 12% seems almost too good to be true if they in 16 years have never missed a payment or failed to repay principal.

@Drew Sygit Very true, Detroit is definitely block by block market.

Heya Ethan.I've completed 7 secondary suite renovations/developments now and it is extremely difficult to do a true BRRRR where you pull every dime back out again after you refinance.