Now, one can gamble and say "I think unincorporated enterprise does not mean SMLLC's". 

If you love risk and the idea of being cash poor gambling on the fact you won't need the money you can spend it all. 

I'm an "accidental" landlord for a property in the UK but been spending some time to understand the best states/towns/cities to invest in the US.

(in other words there is a gamble to it).Will it bring more rent--probably not--unless it's dated (pink tile, 1950's sink, 1980's cabinets, etc...)Here are some pics of bathrooms from Apartment complexes.

Hello, I am looking at purchasing a short term rental property in Tennessee, I am from the UK and aware I need to start an LLC to be able to purchase the property and operate the business. 

It's absolutely a gamble to assume prices will go down and a costly gamble if you do not get in the market. 

On the other side, deals that are negative cash flow deals and your banking on appreciation are closer to gambling than I like. 

I am a get rich slow type of guy and dont gamble unless it's expendable money.

Betting on an increasing market to make it work is just gambling.

If the later, seems like it makes notes much more of a gamble, since you don't really know what exit options are on or off the table.