I might add that cash flow is as speculative or even more so as that requires humans to touch, manage, vacancies etc, where as in appreciation markets there is mostly the factor of time to account for vs management. 

Every body is trying to make it doing what they love and are good at.

Goes into a lot of body language and such...very interesting.  

How do we know that people weren't overpaid 50 years ago due to less able bodied people and that wages are just now returning to their normal level? 

You can discriminate for body odor, facial tattoos, and even hair color if you choose.

That and if you provide a nice place and are a decent human being you shouldn’t have turn over every year.

For that to happen we needed to find these really good providers, develop deeper and deeper relationships with them so we can trust them to do the right things and look after our properties.There was also a funny but important lesson to learn that has to do with human nature.

Many syndicators work incredibly hard meaning it could take you up to 5 years to do ONE large deal in which you are in the MAIN General Partner [GP] (if you are lucky to know a lot of rich people and/or have great alumni body maybe in less time).Many newer investors don't know this tiny detail, as I speak to many newbie investors.

But anyone that's spent time in discussion and human interactions can see how your post may be very standoffish. 

At a fundamental level, population growth is to real estate as water is to a human in a desert.