Did I miss something entirely about this asset class?

Agree on the need to steer/guide just to make sure, too many big events in PS to overlook and miss out on revenue. 

I don't think he's ever actually even seen the house, if he did I don't know how he could have missed the Holton-Wise stickers on the doors, windows, cabinets, furnaces, hot water tanks and electrical panels.

I did a flip recently Purchase 110,000Rehab 12,000Holding cost 5000Profit 20,000Sale/ARV 159,00070% of 159,000 = 111,300Rehab 12,000Asking price would be 99,300I would have missed the 20,000 profit, since we would have been outbid.Just use actual numbers.  

After buyer inspected I had to go back to seller and ask for a price reduction as I had missed some things on my inspection (one bedroom was missing a closet), no laundry room.

And as long as I never miss out on a deal because of it, I am ok with the move.

Builders Material Outlet has some fantastic buys but its hit or miss finding your sizes.  

If you miss out on even a single months rent (due to turnover) because of the 3-5% raise you have lost nearly 2 years of that additional rent. 

I've pulled permits for all the work that requires it (including the one I missed for the door).

How will our markets react to recessionary/deflationary pressures when they arrive is my real question in combination with missing the drivers of real estate appreciation in these Major Cities?