The clear majority of those receiving Sec 8 are not just lazy (code with a racial undertones by the way, deny it all day but that's clearly the historic implication of those) individuals milking the system.

That's historically very low and for a long term.  

Based on the length of the cycles, historically, the answer is that we are coming due for a correction.  

I have an excellent opportunity to purchase an historic 1920s home on main street middle of downtown zoned residential and selective commercial use.

The Perfect Investment: Create Enduring Wealth from the Historic Shift to Multifamily Housing by Paul Moore - I enjoyed this because it outlines the merits of multifamily relative to other investment options.7.  

Land acquisition, planning and zoning, plans and specs, contractors (historical costs per square foot to build) and then figure out how to re position the building to fit the current needs in the community.  

. - The quality of the building (historical building, passive building, skyscraper, etc).- The quality of interiors, flooring, kitchen, bathrooms.. and how they differ from the qualities of the surrounding properties.For example, investors who have been around a certain local real estate market long enough have a very precise idea of what's the value of a sq m of an apartment (condo) for total renovation.

Nothing can substitute a hard estimate based upon historical numbers.

Here is the another thing when compared historically, the top 3 cities in the nation for total profits ( cash flow+equity gains) are LA, SF and San Diego since 2000 so when that math is measured longer term many will have experiences like your friend in the long term returns dept.

I’ve collected historical data on as many DST deals and TIC deals as I can from multiple sponsors.