My tax clients have been thrilled and relieved that they've been able to sell their property and get away with cash in pocket rather than losing it to tax sale.

If you are going for appreciation/gambling, then open any real estate article and they will tell you the highest appreciation that happened in the previous quarters.

This would be a gamble.

However, one thing is certain, if you are going to gamble, Las Vegas is ironically a good place to do it.

Some young BP'ers will be thrilled to pick up the pieces.Seriously though, you need to expand your thinking, Serge. 

It can't/shouldn't - unless you have a partner you really trust or want to gamble. 

Lease 2 own exit is a gamble as an exit strategy too. 

This is like asking a casino-paid gambling consultant to help you beat the house - it's a conflict of interest as few buyers agents (who are also paid on commission) are truly motivated to negotiate themselves to a smaller sales commission.

Speculators buy without a positive return relying on historic appreciation records to support their gamble. 

The difference between 2005 and now, is that back in 2005 deals were bought at a massive negative amortization, as you stated and they were purchased solely as a gamble for appreciation.