Putting the whole amount as a 20-25% down payment is definitely too risky, and my W-2 won’t cover unpredictable variable costs.

Some things that went wrong were rather unpredictable, like an improperly buried wire for a sewer pump that the ground and hot wires began touching throwing the breaker.

I'm not sure how attractive the numbers will be however when looking at HOA dues, insurance, taxes & the unpredictability of future costs with HOA dues.

Well, this my opinion, if you like unpredictability, constant change and people/contractors with no regards to you or your property then "YES" flips and STRs are the way to go...LOL....I love it!!! 

As you said bitcoin is volatile that means small things can swing the pendulum in unpredictable ways. 

It isn't doing "SubTo's" that is illegal, it's how they are done and how they are treated and what your assumptions are and what your unpredictable seller does.Attorneys love these kinds of fights.

I've had smooth loans close with Kiavi and I've had rough ones, same with Roc.When Loans start to be troublesome:1) The borrowing entity docs are a mess2) The appraisal numbers are lower than expected3) Messy background reports4) Loans happening in an environment where market/rate fluctuating unpredictably 5) Your loan officer and their team are poor at their job6) Title issues that depend on county docs, that can be slow and painfulThere's more but it's Friday and I'm tired....

I feel that betting on long term appreciation is a long shot, simply because the future is too unpredictable and the market is dynamic.  

Happy to chat...being a local GC takes out a lot of the risk of the biggest variable for most investors (unpredictable rehab costs) and also allows you to consider more options than the average investor, with your rehab costs being significantly lower.

In my opinion, Dubai has shown itself to be very unpredictable due to its fast growth.