Underwrite to reality, not what you hope costs will be, because they aren't going back down.Post-pandemic vintage syndications:  You are mostly right, Scott, that these investors are cooked. 

In reality, you are never going to be fully prepared by watching YouTube videos on how to invest in real estate.

Well yes if you are successful.The reality is 87% of those who try to make a career at selling real estate fail out of the business within just a few years.

The reality is no one knows what's going to happen until 6 months later.

People who think they are going to spend a few hours per week and make a $1000 is not reality.

Jurisdiciton will determine reality of burning anything down or what a demo will be.

The reality is that insurance will cover your 16-year-old's accident.

Multi family has allowed this to become a reality.

Remember, historically only about 1/3 of LWO/CD buyers close on property, so odd's are you will be with a different finality.And you have to factor that odd's are it wouldn't come back after 3yrs list ready, that's just reality of things. 

Now reality.. unless your using funds from a super successful business.. most most starting out are not sitting on piles of cash or have family offices.. so debt is the only way to get in the game.Also short term debt were your in and out can work.. but it also can bite you in the butt.. look at all the builders that went down in the crash.