Welcome to a little place I like to call REALITY.

The reality is both play a key role in your asset management plan.

Or is that not how it works in reality?

It seems there are a lot of low/middle class people trying to invest in real estate but the reality is that RE is a rich person's game.

They are products of your brain trying to protect you from danger but in reality, there isn't any danger.

Vrbo.Agree with others that have said your global perception of vrbo clientele is not reality although could be for certain areas.You need both regardless. 

Out here in the west its simply impossible to build anything that will sell for much less than 500k when your lots start at 100k to 200k each then permits are 30 to 75k each.. then you build the home thats the reality.. only way fed helps there is to buy private land and subsidize or turn federal lands into developments. the one market that would work is VEGAS as its surrounded by federal land.And from what I see in west coast the regional builders are back to pumping out spec homes as fast as they were pre GFC..

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

The Reality: Price CorrectionsIn many cases, these so-called improvements are actually "Price Corrections."

In the end, in this REI business you have to have a gut instinct that prevents you from doing these kinds of things, if you don't, you are going to have a lot of loss in REI.ARV might as well be a unicorn in this situation as clearly was not reality.