This was obviously a bit of a gamble because the house had to appraise above a certain figure in effort to remove the PMI but we chose to do it anyway because the rate reduction in and of itself was worth the cost/effort of the refi.

Appreciation potential is gambling as far as I'm concerned.

It's too much of a gamble for us not to take it and keep it separate in case of need. 

I’m not so risk adverse that I don’t want to buy something in the next 12 months, but I don’t want to gamble it all away by being over leveraged.

Investing is gambling. 

The hands on aspect of real estate is literally the best part, sometimes the stock market can feel like a gamble.

We bought our properties, built and tested our systems, expanded our network, and now - we offer that as a package to a chosen few landlords who appreciate good property management.

Where the Bible says "Many are called, but few are chosen" (Matthew 22:14), Mainers say "many are cold but few are frozen". 

I don't think these numbers work to begin with and using appreciation as a banking factor is kind of like gambling in Vegas.

This is what actually Is costs you to get your equity, you are paying every month out of pocket.look your property looks good if all 4 units where rented your analysis that it will appreciate with out doing any value add is a bet on appreciation and rent increases year over year is a huge gamble and only pays off when you sell and if you sell at that price at the right time.