I have met with a lot of wealthy clients during my legal career when I used to do estate planning. 

If you do this full-time or aspire to, and invest wisely, it's cash flow that helps pay your bills and it's appreciation that will help make you very wealthy.

It is amazing how many wealthy Americans are searching for a place to put their money to work and how many Investors are searching for private money.

I am a volunteer for Believe Big, helping support Cancer Patients who are making the transition from a SAD(standard american diet) to more of a whole foods, plant based diet.

But ask anyone who has become wealthy on RE over the last 80 years, and I bet the majority of them did it on appreciation, or started their own RE company.

I think looking too wealthy might be a problem, but I also think I could step it up several notches and still be ok.I'm with @Eric M. about depreciable assets.

First, I just need to say that Biggerpockets.com has downright shifted my entire understanding of what real wealth is and how SIMPLE (not easy, but simple.) it can be.IN SUMMARY:You just have to know how to play the game.And it's HELLA fun!

But they are safe markets due to their inherent construction constraints (physical as well as political), insatiable job market, and desirability by wealthy people. 

I believe honesty and integrity is the only way to create long-lasting wealth. I

Yet appreciation can make you wealthy IF you buy in a rapidly growing market with conservative low cost financing supported by the rents and backed up by your own cash reserves for rainy days.