If you have say %50 to put down I think it would be worth the gamble.

Same thing with all the offshore Poker sites.

If that was me, I won't be gambling my money and time for "potential" profit, if I could channel it elsewhere that I know when the guaranteed return will be then take that capital plus profit and roll it to a more larger project.

However, I did not research anything else and took a huge gamble. 

Gamble it all.

If that's your gamble, go for it but I did that back in 2006 and lost...now I'm back but doing deals that either cash flow and/or have an equity cushion from day one (if I put sweat equity in)...a house that is below the median for that subdivision gives me a proven upside value right now. 

A borrower who gets too creative, away from the norm and benefits (or could benefit) from the terms can enter predatory waters, even deeper offshore can be fraudulent.

My opinion is its a gamble.

Guess if you have nothing to lose, there ain't no sense not to take a gamble.

If you have to go so fast you do not have time to do proper due diligence, you need to pass on this.You are gambling a lot with your money.