If you buy the right properties in the right market and set up the right property management, it IS possible to have your cake and eat it too - my A+ rentals in TX, for example, have appreciated nicely since I bought them and they continue to put a nice chunk of cash in my pocket every month. 

The picture you are painting, again just by what you wrote is that the cashflow you are currently receiving is icing on the cake.

I didn't quit though, and since then I can't seem to build houses fast enough, they are selling like hot cakes!

Based on what we learned in the 2008 crash, we only buy for cash flow (appreciation is icing on the cake) .

So I would suggest only getting into deals using hard money that you can live with if the HML remains in place, and then try for the rate and term refinance into Fannie financing as icing on the cake. 

If your documentation was up to snuff and you followed the State procedure for deposits, it should have been a cake walk to defend. 

Appreciation is the cherry on too of the cake.

I’ve done some crazy “no cash of my own deals” but if this one ever came together it would take the cake.

It was like having your cake and eating it too.

We didn't pay any of that out of pocket.The icing on the cake happened just the other day.