I think there's potential in this area.

I would say perhaps the biggest issue with this strategy and real estate right now is if we might be heading for a real estate downturn or not, or more specifically to how to know if a building/area will appreciate?

Regarding profits the question is, will they come through cash flow, refinancing, or property sales (which would trigger capital gains tax)? Ideally, generating cash flow and converting it into Bitcoin would be excellent. Even better would be to see property appreciation, refinance that increased value, and use the proceeds to buy Bitcoin. Also great. If this is done in a jurisdiction that allows Bitcoin to be monetized on balance sheets, the potential is even greater—enabling larger loans and further financial leverage.

It's a kind of Microstrategy version, but for real estate.

The biggest issue in my view is if there's a downturn in the real estate market. Which is very possible to be honest. That would change everything. But still there's always niche markets too, etc.