The ones that do great are buying deeply discounted properties and adding value or gambling on price appreciation in great RE markets that have benefited from the market rebound following the recession.  

I was a renter in Minneapolis for ~ 6 years, the biggest thing for me was location.I would gamble on the Blue Line Light Rail expanions, as it will allow better transport in and out of downtown to those further out.

He is an avid sports enthusiast and scuba diver.

I also think it would be pretty nerve-racking to take that money with that guaranteed return and gamble it on the uncertain.

My parents were always able to make it to my sport games, and I would like to be able to do that for my future children as well.

Don't want to gamble $500 to just inspect a property.

@George Torres From the little I know that Rams thing is not just Rams, it also includes NFL, Espn offices/studios, major sports brands, other media outlets, perhaps 2nd team, year round events, concerts, etc...the dude just spent another couple hundred million in the Valley too. 

It seems the cost of re-financing the mortgage is a gamble as to whether I could re-coop those costs by going this route.Has anyone been in a similar situation, or have any suggestions on how I could get started?

I want to impress upon real estate investors that there are no certainties only probabilities and to assess the probabilities you have to consider the macro as well as the micro...investing without probabilities is gambling.  

Have money but spend it on things nobody needs, sports, boats, cars, etc.