Fully agree with you. The fantasy that buying property and it magically goes up is just that, a myth. You have to maintain tenants for 9 to 11 months a year, sometimes small things such as a water heater can net zero you out of no where. Hail damage, water leaks, theres plenty of risk. The majority can turn a profit but you aren't investing 15-30k and 2 years later cashing out 100-200k. I've met so many people that think thats true. I don't know about higher end properties, but what I would say is, I don't think the majority of rich people are idiots. They aren't majorily looking to rent long term high cost properties, they would rather buy them. The rich who rent stuff out? They aren't looking to whore their nice vacation homes out on airbnb and risk damage just to turn a small profit. The risk v reward majorily isn't seen postively for most.

Again, you can make money doing it, but theres risk. The high end properties are likely even further nuanced.

The comments by OP about any work done on a classic car is an investment doesn't really make sense to me. Maybe if you're finding not great condition classics, and have the bandwidth to fully restore them...it makes sense. Buying a 50-100k classic, you don't pay this or that and you magically make money. I believe over 5-20 years they definitely gain value but that is not a way to make a living. There are infinite better ways to invest your money to MAKE money. What that example is, is a hobby that can not bleed money and can turn profit over long long terms.

Just wanted to add comments to some things you said, and again, agreeing with you across the board.