The statement is like one of those optical illusion images, every time I read it my brain hurts because I keep coming up with a different interpretation.By the way, does California have a 3 day right of rescission for the seller after closing? 

@Scott TrenchI think you have overstated the risk/reward here for GPs...I would not want folks to be under the illusion that mngt fee is nearly as high as you state. 

The problem is if you don't manage your entity structures properly, they are simply illusions of defenses that really provide no protection.

I did that based on the advice of a friend that does evictions.There is ZERO downside..... if people want to leave, they leave regardless of the lease terms..... and that warm fuzzy feeling of a long term lease is an illusion... you are not likely to see a dime of the remaining lease if they bail.On the flip I can get rid of them WAY faster at any time I decide....

It is an illusion!!

Cost/lead is a made up illusion that doesn't monitor nor evaluate your marketing campaign.

Besides, health and security are illusions that can never be guaranteed.

In this blog, we'll explore the potential downsides and risks when a property gets overvalued.The illusion of Value: Appraisers "showing love" can create an illusion of inflated value, luring investors into a false sense of security.

For example, like @Tucker Cummings said, $40k purchased for cash may give the illusion of fools gold, with the reality being lower quality tenants and financial loss due to cap ex, than if you put $40k/20% down on a $200k house that is in a better neighborhood with better tenants and still cashflows. 

Don't follow any illusions that the future will fix it.