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Acquisitions are identified as the most challenging aspect of real estate investing, with the speaker emphasizing that finding properties to buy is the biggest bottleneck in the business. While current market conditions may make obtaining capital relatively easy, the difficulty lies in sourcing quality deals. The speaker candidly shares a recurring anxiety regarding the availability of future deals, expressing that each successful acquisition feels like it may be the last. This cyclical nature of the market means that while finding deals may be tough now, the situation can change, and resourcefulness is key.