Let's say I get a $100 option on the property, up and get an inspection for another $350, I'm only gambling $450 now.

First, I'm pretty sure I've made more money in a casino than you've ever even gambled.

I have asked around about financing, and so far the best I can find is 20% down, 6.75% on a 25-year loan with a 15-year balloon (so I would probably pay it off in 15 years because I don't like to gamble).

I figured the pricing at $25k might be worth the gamble.

Of course if you want to gamble on appreciation and have a negative cash flowing project the west coast is great for that.

Good deal for me since the stock market is a gamble anyway.

And that same contractors gambling addiction spinning out of control.

I have worked with several realtors in the past, but realized that even though I had a great experience with them, I would probably not take them in my "investment team" for variety of reasons.Some realtors are getting excited to "get you under contract fast"  and the enthusiasm quickly dies out if you refuse to gamble on the deals.

Bars, brothels and gambling sprung up around the railroad and we still see a more "colorful" environment in Ogden. 

That said, I've always advised our investors to keep at least 3 month in reserves - not to cover a missed payment but rather just to avoid the uncontrollable.