I asked Elliot the same question, and he forwarded me over to the following link: https://www.biggerpockets.com/forums/12/topics/715057-out-of-state-brrrr-stepsSome good information there that speaks to having more equity in your deals and not gambling on a major renovations with the assumption that a refi is going to go through.

others would be wiped out.all because they sold or did not want to buy lower yield.. chasing yield is gambling as much as those that say buying for appreciation is gambling.. probably worse actually.. 

It probably would have seemed more authentic if they said 810,297.42. 

I don't mind gambling a small fee to each interesting property to discover whether or not there is a problem, but to stumble into a million dollar liability will end me.

It also comes down to goals if you in Seattle and do a Heloc or refi just know your doing it for appreciation (which I call gambling) but others will call investing.

Dimon, et al. feel that it is their right to gamble totally unregulated while still being backed by the tax payer if their bets fail? 

That's not a gamble I would be willing to take.

You are right this one kind of is a gamble but what can I do now, other than change the decisions that I make in the future.

I am very impressed with the culture of this community, how much others are willing to share, provide authentic guidance and genuinely want to help people.

That is called gambling.