Which is not true and riskier to only gamble on appreciation I think.

I've lost money on deals that I took a gamble - Detroit homes with more taxes owed than the value of the property, and I've made money.What else can I tell you?

One became an enterprise, one became a veterinary office, one got demo'd and had 10-15 townhomes built on the property, and there is one in my neighborhood that has been for lease for a couple years now and still vacant (not sure if the owner is really just land banking it, since he owns the adjacent property too, a former medical supply store).All that being said, I do not see this property as being something that will be easy or cheap to re-lease.  

Otherwise, you are just gambling that the bank will not call the loan if/when they discover you have left the property (which probably states it will be owner occupied in your loan, if it's a primary) and are no longer making payments. 

The Howey Test defines an investment contract (a type of security) as a transaction where a person invests money in a common enterprise and is led to expect profits solely from the efforts of others.  

For better or worse - in other words, I make no judgement on the wisdom or strategy of Congress in structuring incentives this way - our government has decided that RE and a couple of other business strategies should be the lowest-taxed enterprises that can be attempted.

Tax's are an interference with free market enterprise.

If one has to take care of other family members, then that adds another level of stress and complexity.If someone is on their own and wants to gamble, sure, some will take a shot.

You'd be better off just investing in one of the many note funds rather than straight-up gambling for a couple hundred extra bps. 

The 350k will earn 15-20k/yr recouping a good portion of the gambled amount. if that works out do it again.