Any shift or slight weakness in travel demand and things can accelerate real fast.There is still lots of dumb money entering the market that won't be if the economy softens. 

And I have a 7 figure portfolio invested in both direct real estate (via residential rentals) and syndication/crowdfunding passive investments (because I feel both have their strengths and weaknesses and I want both in my portfolio).To backup a second: You can find virtually every type of real-estate investment strategy ( core, core plus, value-added , opportunistic) and asset type ( multifamily , self storage, office, mobile home parks etc.) via syndication/crowdfunding.

In regard to high fees and weak returns, I think that's more of a reflection of the fractional companies in the market today which screams opportunity. 

The reasons we have chronic housing shortage are a combination of the following:1.)

This emphasis on scaling as quickly as possibly means you’re going to become a door chaser and you will look for markets that cater to that objective which normally means weak underlying fundamentals.   

My tenant on the 2nd floor told me the hot water in the kitchen faucet has very weak water pressure, but the rest of that unit doesn't have any issues. 

You may want to live in a world of Wild West, anything goes business (I won't mention the orange haired political elephant in the room) but I assure you, your ignorant, uninformed, and weak defense of this sort of activity is not common.

Communication and understanding each other's strengths/weaknesses/goals, etc are all imperative before ever going into business together.  

Rather than taking that and turning it useful by finding ways to avoid being that snake oil salesman who preys on the weak and elderly, you’ve decided that all of the people who have seen the misdeeds are just jealous.

We have a chronic housing shortage in Milwaukee, both for rent and for sale.