After five years you'll have earned $90,000 in rent income and gained $34,000 in appreciation.Buy four houses with $50,000 down on each ($200,000 total).

The first major housing bubble in US history occurred in 1837, coinciding with a stock market that also peaked right around the time housing prices did.

I still own the home and at its peak was worth nearly 1 million dollars and is currently worth around 800k Lessons learned?

Legitimate self-employment activity or active business that generates "earned" income and absence of full time employees - that is how someone can qualify for a Solo 401k plan, you don't have to have an entity. 

But if you do have PM then you are already sharing more than 50% of your profits with someone with no skin in the game.And while you worry that the Airbnb arbitrage will take your share, calculate the $/hr you will earn managing the Airbnb yourself.

You could hire more people, but that increases responsibility, adds stress, and really only accelerates the amount of profit you earn on each flip.

It’s a business to business deal - no consumer involved.Participants “earn” whatever “the market will bear”.  

Yep, that's how much one realtor could have earned if they had met me even halfway on what I need.  

It doesn’t seem like you would earn anything in the way of appreciation. 

The vendors are typically paid far less than they would earn on a normal job, so they tend to be lower-quality vendors and slower to respond.