I think of asset value appreciation as a bonus and not a means to an end, but the rental income would be my bread and butter and I would be reliant on it as a source of income (much like the current job).-  I do not have a mentor. 

Before receiving the puppy, the breeder is expected to begin training the dog in several areas; potty training, crate training, exposure to people, car rides, surfaces and sounds.

The house looks great and ended up selling for a little over asking price, which is a big bonus!

If it appreciates it is a bonus.  

@Daniel Huertas You can get exposure to similar or better quality assets with more transparency by investing in an index of REITs.

My father is a retired appraiser who used to be the chief appraiser for a bank and he oversaw the commercial division and my partner's father invests in real estate and has had/managed properties since my partner was a child.Despite some of the areas of exposure we believe this is a calculated risk and seems to show a greater potential than what lies in our "home" market (northern CA). 

Its true that most 4-plex areas are worse, but theres no bonus for being the smartest one on the short bus..  

Bonus depreciation would apply - I am not clear on if it is 50% or 100%3.  

Unless you take forever to complete the project, your exposure to the market cycle is very limited.

Cons are that you may have to redo a lot of the construction because exposure to the weather over a long enough period of time can ruin the work.