I do both, Nip, as evidenced by my HC existence. But I haven't...

I do both, Nip, as evidenced by my HC existence. But I haven't owned anything other than my PPR's for almost 40 years. My personal RE motus operandi has been different to most, given I bought neglected homes and sometimes farms, and live in them for a few years whilst renovating and improving. Collect the tax-free profit, and rinse and repeat. It's hard, costly work that comes with some inconveniences, given you live in a semi construction sit, but with an element of satisfaction in the knowledge that you have restored a home/farm to its former glory and handed it another lease of life.

As to RE being a lousy investment...well, I guess that depends on one's expertise in the sector, any sector, and how one operates within the confines of the law and market volatility.