The market in Hawaii is not as volatile as say, the Bay Area. 

Those are part-time jobs which are very volatile and she could see her hours cut or her position eliminated at any time.

Another goofy thought -- if you suspect that the market is near the top, and there might be a correction, then you probably also figure that this correction is going to be way more volatile out on the coasts, where properties also tend to appreciate more. 

At least the real estate is less volatile and can't go to zero.

Forbes has a habit of putting something like this out every few years.The "bad" thing about investing your IRA in real estate is that the main Wall Street players do not have control over your funds and the means to earn commissions selling financial instruments.His arguments are entirely tilted towards to negative and not providing any context or perspective.I could just as easily pick 3 or 4 historically bad stock investments (Enron) or high fee annuities, and make it sound like that was all that you could expect if you went to a conventional brokerage - which is clearly not the case.For someone who understands real estate as an asset class, there is the potential to have your IRA produce consistent returns and have true diversification away from the news-cycle volatility of conventional financial products.

Currently in a selling situation where a buyer only qualifies for FHA, but FHA re-certification at the condo is pending and volatile. 

It could be highly volatile and you wouldn't want the market to shift and be stuck with 3 units which you couldn't rent out. 

@Jason DiClemente I originally considered it but wasn’t sure what the volatility of the market is right now.

One reason I love this asset class is the opportunity for forced appreciation through building income and/or lowering operating expenses.One factor out of an investor's hands - it seems - is the market cap rate, which will ultimately decide the asset's value at sale.My question is: how volatile are are these cap rates?

I'm exited about jumping into buy and hold real estate to even out the risk/volatility of owning a business.