> It all works if real estate prices keep rising, if the owner can get one tenant to replace another without any vacancy, if the rules of the game remain the sa

> It all works if real estate prices keep rising, if the owner can get one tenant to replace another without any vacancy, if the rules of the game remain the same and if the mastermind can manage the accounting nightmare of dealing in and keeping track of so much unsecured debt. It fails if any one of the many participants fails to play their part, or if any of the conditions change. This sounds like a pyramid scheme, doesn't it? s/tenant/investor s/play their part/ask for their money back