Wealth is incredibly hard to obtain and 10x harder to keep.

Those pieces of real estate are simply low risk parking spaces for the wealthy, not an opportunity to build passive income or work your way up the real estate ladder.Go single family - I've bought 8+ bedrooms on the MLS that cashflow really well after a medium-heavy cosmetic renovation.

. - wealthy people homes last time went first as always.

You can use the same techniques the wholesalers use, but KEEP the property for yourself to build wealth!   I

But just like keto diet, any other diet or any tax strategy - it's not for everyone, and it's not magic.

Although I'm a long ways away from being wealthy enough for this to be an issue: how should people who are planning for legacy assets (ones that they'd like to pass down to their children's children) evaluate IRR and deals?

I would also argue that at some wealthy level it is better to self-insure and drop the term entirely.  

Everything is being "Amazoned" to the lowest common denominator.Just like foreclosures the only ones that can get a deal are the wealthy, the average guy who wants to buy a house and not be saddled with extreme overvaluation on a home has no options.

I don't know about you but I'm following the path of the truly wealthy. 

They are very wealthy right now.