I don't have the time to study Bitcoin nor do I have the time or desire to study any individual company thus I invest my traditional retirement savings into low cost index funds.That being said, I do feel like I can study and become educated about my local residential real estate market and it is an interesting topic to me so that is where I spend my time, effort, and excess capital.Regarding, investment vs gambling. 

Study the market.

One that you know or study a LOT and that makes money:)

I’d personally prefer the one opposite the beach as I think the other lots are too far but I haven’t made a study on hotel clients.

Read it and employ it.The only thing I'd really hammer home is understand and study the market you want to get into-- meaning visit it multiple times, know the streets, get a healthy understanding.

If you want to make the opposite case, look at engineering degrees or point to the wage studies that show on average people with 4 year degrees make a lot more than those who have zero college.  

There have been at least 3 studies that show this is true for virtually every large city in the US (you can internet search this).- buy and hold is currently tough in San Diego.  

Would you use that type of in depth study?

Start studying comps and understand what is a good or bad deal and why.

This is a great case study on reasons to hire a property manager - it's the headache part...