When I book hundreds of rooms at a shot, they tend to give me the best pricing, since DUH, it's vegas, they aren't making their money off the rooms, but off the gambling, the liquor, etc. and Im putting several hundred corporate people in their property who are all going to spend money.  

I don't think there's enough potential up-side to take that kind of gamble.

With all the tools available now its really convenient to ge it done. 

I personally house hack in areas I don't mind living for a year, are convenient for me, and will give me great cash flow and upside potential over time. 

@Howard L WeinstockAs you alluded to yourself, all this is a gamble on the future of SS system and on your own longevity.

It's a gamble in some ways, as I don't know if I'd be able to build what I want due to zoning.prop #2- crappy neighborhood. 1/4 acre, BUT-has a single family house, small garage, plus warehouse space that's ~2500 sq ft. zoned C. cheap. house is also a total rehab. closer to "move in ready", but honestly, the crime in the neighborhood is to the level that I don't think I'd bring my kid there now.

(not counting the renovation) I think it's tough to find a deal like this in Chicago on the North Side, where you can sleep peacefully at night and not worry about someone breaking in, or a drunk and disorderly, including being located in a  highly rated school district...I understand appreciation, and gambling on neighborhood gentrification isn't a primary concern of mine, this is a risk-free, safe return play.

But the convenience of turnkeys sounds too good to be true - they buy rehab, find tenant and maintain the property.

Banking on appreciation is like gambling.  

Having 650k cash and not knowing anything about the market is a complete gamble, not an investment strategy.