Money’s more expensive and holding costs add up, so people don’t want to gamble on thin margins anymore. 

I know there are many risks but it'd be interesting to hear if there's something specific you're alluding to. most gurus if you take a training only highlight the wins and how great real estate is. using a sports analogy they teach offense but no defense - they do not share with you the risk or how to mitigate risk.

You may have a problem trusting your team, even when they have proved themselves, and if you decide to visit your investments a couple times a year, you could find yourself using all your profits on trips to another state.Either way, investing is a gamble.

A gamble on gambles of volatility moving certain ways in certain time windows..... 

And while feedback is important, it creates a visible imbalance where the vocal minority can easily overshadow the silent majority who are satisfied but not actively sharing their positive experiences.It’s like being a referee in a sports game—when you do your job perfectly, no one notices.

Taking a gamble on a potential negative tenant isn't the right move in my opinion.

Real estate is a team sport. 

I'm not good enough at any sport to relate, but take it from the 5 star pro athlete @Remington Lyman he's smart

If using it as a long term rental doesn't cash flow you are gambling on the short term rental working out.

With kids, our trips for the past 20+ years have been different (lakes, beaches, cruises, Disney, Universal, travel sports, etc.).