The second point here is the most important. I know a handful of real estate investors and one that is far away the most successful. He buys everything in cash. He has a contracting team on payroll that fixes whatever needs fixing so he's not immediately outlaying any additional funds to fix up a property, other than the opportunity cost of having those employees busy. He hasn't mortgaged a property in probably half a decade or more.

If he thinks a property will appreciate and make money, he will absolutely buy it and let it just sit on his books for a decade while the RE value increases and he waits for an opportune time to develop or rehab it.