On a typical move-out/move-in job I had my "standard" tool box plus a materials box containing;the standard paint color I used for rentals-Navajo White, a bunch of paint stirring sticks (for sheetrock repair more than stirring paint), a couple of pieces of sheetrock 2' X 2', Elmer's glue, sheetrock screws, switch plates, a couple of outlets and switches, scrubbing stuff and chemicals, DOORSTOPS, light bulbs, mineral spirits and linseed oil and 000 steel wool for touching up stained wood, paper towels, TOILET PAPER, rags, paint brushes, SMALL LADDER, joint compound.Once you've gone through every room doing the "touch ups" you'll have a good idea if you need to come back with your 8' and extension ladders, paint rollers and 5 gallon can of paint and drop clothes.

Alex, my personal advice is that there's no better way to learn the market than fix and flip...assuming you can stomach the roller coaster and risk.

All of that said, if that kind of appreciation makes or breaks a deal for anyone, they are skating on thin ice.

Roll it on with a roller.

A fund that has averaged 8% over the last 10 years is a far better choice for your goals than a fund that has averaged 18% over the last 3 years but looks like a roller coaster on the 10 year chart. 

As an example, I purchased our primary residence in 2002 and, after the recent roller-coaster ride, could still sell it today for $100k over the purchase price.

Fortunately, my cheap skate nature and my lack of money precluded my further "training." 

Life in general is a roller coaster for everyone, it doesn't matter if your poor or rich.Frank

Similarly, on the "flipper" side of investing, until you have had a lot of experience with the documents and processes involved in a sale, AND seen some "issues" crop up, you just skate by on luck unless you have a qualified team to rely on.As to Real Estate licensees, there is a HUGE variation of experience level and AREA of expertise.

Hopefully none of your other numbers will be out of whack, but maybe in future a slightly more conservative approach would be a good thing to keep in mind when you are thinking of skating so close to thin ice?