REI is a lot like Poker...not because they are both gambling. 

With sports gambling potentially becoming legal I am really like the play around Churchhill Downs.

If you need additional income to supplement and have less net worth, cash flow properties for cheap might work the best but for someone who does not need additional income gambling with appreciation might turn out beneficial.

I'm smart and make my own decisions, for example, I don't invest in bitcoin, it doesn't pay positive cash flow every month, that's gambling.

LOL, not sure the examples I gave qualify there, but whatever.Speculation is entering into a transaction where the outcome can not be controlled, where the speculator has a potential to profit, but that potential is determined by uncontrollable events.

i have nothing but problems with the Michigan property. i do not suggest it unless you have very good management and a willing to gamble .

@Jason White,My first impulse is to say no matter how much you have available you'll want to invest for income in retirement to ensure that your money is growing at such a rate that you drawing your living expenses from it will not deplete the principal during your expectable lifetime.You may want to read up on self-directed retirement accounts and other ways of being a private money lender.My personal thoughts on buying property with no loans is that its roughly equivalent to gambling in the Wall Street Casino.

ANYONE THAT IS COUNTING ON FUTURE APPRECIATION is taking a HUGE GAMBLE!

So there being an intermediary doesn't matter as long as they get their money.My personal opinion on buying a note at it's face value is like taking a gamble.

I think I'm with Luis here, I'm very uncomfortable gambling on future tax rates and the future structure of the tax code, and it is a gamble, make no mistake.