So somewhat of a gamble. 2) Partner with the developer that's already building. 

Gambling, lotto tickets, tobacco products, excessive drinking.If you go beyond that I would say buying anything with the intention of displaying your wealth.

They do not offer a pre-approval letter so it becomes a gamble that #1) The loan is even approved and I have lost $500 or 2) The property will still be available in 60 days and there is nothing I can show the seller in the meantime about serious interest.Any recommendations for lenders with experience in this would be greatly appreciated!

I think in a large city like Baltimore it’s not worth the gamble depending on what your doing.  

This business isn't about gambling or taking big risks.

The problem is that nobody can predict depreciation so it's more of a gamble, particularly in a state like California where a governor or City council can destroy the market with their heavy-handed regulations. 

Was over our initial budget, but had great rental history, so we took a gamble.

@David Gamble Sounds interesting but I want to clarify to make sure I understand the numbers.  

  - Let's not forget about the great 6 Casino, sports betting, and video gambling expansion in IL. 

The city is gambling on house prices going up and while the % is high, you knew that when you signed the agreement.