However to reach FI I cannot bank on appreciation, I rather have it as icing on the cake. 

If the tenant slips on ice on the front sidewalk on a property owned by me, and decides to sue me, he can go after my personal assets.

No payments and no interest was icing on the cake. -

Don’t focus on appreciation, it’s icing on the cake.

You don't sell ice cubes in Fairbanks in January.At what point does one simply say to those Sub To wannabes, "okay, believe what you want, I'm off to make money, doing what works in this market." ;-)

As soon as the ice melts and I can get mine out again, I'll get a picture of it.

If it doesn't happen then icing on the cake but if it does it is par for the course and not a shock to you.    

Yes, it might slow down the ice I want to buy props.

I'll break my own ice by making my first post!

until we know the back ends of those deals we are left wondering what they were thinking when all along a 5 to 7% return to them means millions.. so in reality a hedge fund could drive rents down if they wanted to as well.. just to make sure they have the best tenants and their properties are full and they are still doing quite well. raise rents and really cash in.I agree to fully round out a portfolio investors should be thinking about upside movement of the value... the quote " appreciation is icing on the cake" while a nice sentiment is really I think a poor philosophy to follow... one needs to either force appreciation buy in an area were appreciation takes you for a nice ride,, or were rents can move up dramatically in a fairly short period of time those are the only ways in rentals one is going to make any kind of real money.Although what some would think is a reasonable return on investment and risk others would not be happy with...