I have heard many an economist state that a "healthy" housing market is one where a home is on the market for 60 days. 60 days means you have about a 6 month supply of houses. 

That being said, my son and I jointly buy and sell based on a handshake and on the fact he still wants to vacation with us for Thanksgiving and Christmas. ;-) When we (our LLC's actually) do a project together we split the project, costs and profits 50/50.

I wouldn't say "I don't think anyone is freaking out ;)" as I have definitely come across a few that are and have stopped buying or pulled out of the market all together, but I do agree that is not the norm and that I do agree the sky is not falling.A solid 8% single digit appreciation for 2019 would be a healthy correction from recent years and a slow, steady and sustainable gain.I am interested to see what Q1 in 2019 shows for inventory and demand.I am glad to see Vegas at the top of these lists but it is concerning about the other markets that are not on the list as once other markets head to a buyers market and are not making the money they once were then it ultimately will affect Vegas because people will have less spending money to come blow in Vegas. 

If on the other hand, it's a fixed debt investment, then it's a pure JV (joint venture). 

I bought my first house in second year of university, house hacked it, carried it via student rent, rehabbed it, and sold 2 years later for a healthy profit.

Now, I am required to get 2 more JV agreements that state "I have conducted joint venture with XXXXXX on (property address) and it signed and dated. 

That said, we are fortunate to operate in a market where, despite those cost-centers, all parties involved can still end the year with a healthy ROI after expenses.

Return (at least for me) has been very healthy equity increases. 

As an investment property specialist and investor myself, I started to search for a  new model that would allow us to provide our investors a healthy return while being able to return their capital.

Point of me saying all this is with what I purchased it for and planned to do with it I knew I would have a healthy margin no matter what I found that a home inspection and my inexperience missed (like bat collony in the attic, termite damage, or water damage...all found and resolved).