Sustainable underlying fundamentals include population growth and income growth not credit expansion and investor in flows.  3.  

As someone who can explain first hands the downside of quitting your day job to become a full time investor (and I managed to quit right as the market crashed in 2008) you should only quit if the business is completely self-sustaining while also paying you more than you are making at your day job (all benefits included). 

Had they done their homework and avoided the urge of greed, they would have cashed out of the market prior to the peak.Final point is that while cash flow on res. properties is good, and in many cases needed to sustain the property over time, it is not always necessary to have boat loads of $ in reserve but simply enough to cover rainy days which we both know will occur over a sustained holding period.

In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate further in coming quarters.The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability.

@Alexander Merritt Thanks for your thoughts and these resonate with what @Joe Villeneuve pointed out earlier.  

We've just been asked by another local investor to "consult" on his planned renovation.With enough to sustain our livelyhood, it's time to learn how to develop.  

What you're doing isn't sustainable long term, trust me I know from experience. :) A 2 year flip sounds like my worst nightmare.

How about a city with a past record of moderate responses to nationwide factors and with 2 powerful driving factors, and an ongoing commitment to the supporting infrastructure needed to sustain growth?  

The world hasn't changed while you were away, so trust that you're capable and press forward.You need more than a few doors to make yourself independently sustainable.

As any market matures (stock or housing) it get's harder to pick winners and sustain the same returns.