Again, since I seem to have to repeat myself:
I view an asset as something that makes me money.
When I finish a house rehab, I typically have 30%+ in equity (always my goal), but I don't view that house as an asset until it's rented and providing me money every month.
Maybe there's another name for what I'm referencing, but until I find it, I view my rental properties as assets because they're income producing, and my personal house as a liability (even with over 50k in equity).