I love the authenticity of your story.

However, the mistake I see a lot of investors make and one that I am trying to avoid is the mistake of confusing investing with gambling.

If the place is empty and you are willing to gamble, offer to send them the keys back with a deed in lieu of foreclosure.

If you are taking uncalculated risks then it is simply gambling or betting. 

If I'd been doing this longer, and could afford to lose a little money; I would definitely take a gamble on this one.

I don't see a single positive besides being period correct if it's a Victorian mansion or something where the buyers would want an authentic period correct home (very small niche market).

Account Closedjust tell your friend that flipping is a gamble, and never gamble more than you can afford to lose. sounds like amateur in the deep end of the pool. needs to learn in the kiddie pool first.Terry Lao

I'm feeling lucky, would buy a lottery ticket, but gambling without free drinks just feels wrong.

Without this large influx of cash it'd take you 10+ years saving 10% of your annual income to get to that amount and you're willing to gamble on a go big or go home mentality?

Play the authenticity card.