I've found that if you are willing to do the small jobs for the local real estate and building industries, you can maintain a satisfactory income as a freelancer. It's when you expect to work solely for architects that instability creeps in - blocking-off a week to do a few exteriors shots, then the geometry changes, then the architect's client changes their mind, they baulk at the variations, so you take 'a haircut', etc (we all know the story). Get a balanced mix of clients and act fairly (by which I actually mean 'generously'), professionally and aim for repeat business.
I'm no virtuoso at this game, but I deliver at the price - no surprises, and I've doubled what I would make as a graduate architect (if I could even find a job as one).
I vote for freelancing! (the downside is that your career doesn't progress and you have to really force yourself to develop further competencies)
