But I find the idea of hoarding cash for future buying frenzies pointless and unrealistic.

While BP is a great resource for investors and investor wannabes, I think it sets up a really unrealistic picture what Real Estate "Investing" is.

I think it unrealistic to believe that every waking hour can be equally financially productive, and I like to think of the time I spend doing some of this stuff as my "hobby", rather than something I'm doing because I absolutely have to do it. 

Or if someone wants to put in un-realistic lowball offers all day in our extremely stable market.

Dont fall for the really cheap areas where brokers put unrealistic cap ex numbers in pro forma.

They start to have bizarre attitudes and unrealistic tenant expectations.There's this strong general belief here on Bigger Pockets that "a good property manager" will solve every problem you have and "your time is too valuable" to spend managing apartments and working with tenants.

I'm seeing REOs in my area of SNJ (Monmouth County) priced unrealistically high - as though the 'R' in ARV had already been done and the bank was selling retail.

I' m from Sheboygan, seems unrealistic you would get that amount if on the market.

In fact we BOTH have to be a great fit for each other as the buyer might be unrealistic in returns they are seeking or trying to put a deal together with (pie in the sky) financing structure that may never happen. 

@William KimBecause of the learning that happens in real time, I think it's very unrealistic to project that income streams will quickly replace your job.