What percentage of first flips result in any meaningful profit at all?

That is my plan, but although they know our current net worth, I don't let my kids plan on this - I tell them my plan is to extract value from every dollar of our net worth, party to death and die with exactly zero net worth!

Follow up with them in meaningful ways and they will pay it back. 

You came into a thread with a non-sequitor and are putting forth advice and cautions, while it is quite clear to anybody with extensive knowledge in this field that you do not have any specific or relevant expertise or background in the field you are speaking of.Bigger Pockets is a fantastic resource, but this type of interjection without foundation is exactly what makes such a site dangerous to those new to a field and looking for information.As experts in this field, Dmitriy and I spend a considerable amount of time and effort providing helpful, relevant and meaningful information on the topic of self-directed retirement plans to the BP community.  

Hopefully, now people can find me, if they are so inclinded and we can start some meaningful discussions about commercial real estate.

The only time in we had a meaningful drop in prices was in '08.

I'm imagining a strategy where you refi upwards every year, extracting equity, and this basically causes your loan payments to keep pace with annually rising rent payments.Conservatively, suppose your lenders require 25% down/equity, and your property appreciates at 4%/year.

Chicago is my first choice because it's convenient for my work, a city where I have family, and somewhere where I feel I could cultivate a meaningful social life.

Some municipalities post a ton of data online which you can sort and extract for mailings.

BP is so powerful and I want to make as many meaningful connections as possible.