@Serge DuLaudAllemans ....IMHO as long as your numbers make sense on a property by property analysis, based on your risk and reward criteria, its always a good time to buy.

(Due on sale clause)There are great rewards doing Subject To, when done correctly & legally.

So, when that age old cliche' of, "the greater the risk, the greater the reward", doesn't apply here...unless the REI, who is the custodian of the property, doesn't do their job. 

With the amount of work and capital required for a fix and flip, the risk may not be worth the reward on your first deal. 

However, with the inherent risk (and reward of appreciation) I would say no less than 15% but I will only do 20%+ as well. 

That is the basic math hahahaAs summary :If cost of money is cheap then you should over-leverage your investment into investment that yield higher risk/reward ratio(using mortgage).mortgage is just tools for leverage.This is why lot of baby boomer that purchased the (CA/WA/HI) house in 90's or 2000 are all millionaire, regardless they work in USPS or in tech company LOL ; as long as they invest at the correct time /and/ at the right place LOLnow the party is almost over except if uncle Powell changed their mind in 2025 LOL

His comment "I'll have less time on my hands" seems to indicate his lack of commitment to real estate and if you aren't committed "you.don't.make.nooooo.money, moolah, wampum, cash, "Maybe he'd be betteroff getting very good grades and trying to find an actuarial position, teaching math if that doesn't work out.Most people would not find that job particularly rewarding, trying to figure out when people will die.

But it tends to have less risk and less reward.

Key is to be specific to your situation, risk reward and scaling model.  

.- we know lot of degree in US is bad, but that kind of degree is only available in US, so take degree that gives you good financial reward and available globally.- and if your next question in the next 10 year would be "can I quite my job in my 35, while having real estate as income".