Image disappearing when georeferencing google earth image?

Try using Rotate, Shift, and Scale instead of control points. Controls points can get tricky if there are 3+ control points. Also, remember to click Update Georeferencing so your changes save.

http://desktop.arcgis.com/en/arcmap/10.3/manage-data/raster-and-images/georeferencing-toolbar-tools.htm

The warning you're getting (as you confirmed in your comment above) means that you need to distribute your GCPs more evenly throughout the image. They should not be placed in only one area of the image, or in a pattern resembling a line. If possible, it's good to have at least one near each corner.

It's also possible that the issue is occurring because of the order you're adding them. Try adding them so that each new point is the furthest one from all the others. For example, if your GCPs are in the pattern of a 5 on a die

add at least three corners before adding the middle point. If you were to add two corners and the middle first (so that you could draw a line through them), you would likely have the issue you're encountering.