Team up with someone experienced and trustworthy if that's the way you decide to go- always remember that real estate investing is either Gambling or Investing.

Any way you cut it, it is a gamble.

Its really a gamble and without a crystal ball, no one knows for sure when that will come to a halt....or ask two economist for their opinion.At the end of the day, to appreciate is an achievable goal and appreciation is a hope and a gamble.  

I believe its worth far more than 100k and while it has some pictures and needs some cosmetic work and a kitchen re-work, it looks pretty good.As I'm very new (yet to find a property yet or even an agent), is this deep water territory/high gambling and I should avoid it?  

Not because I look at REI as gambling, but because the #1 rule of Poker is the same as REI...."

As such, it feels a bit like gambling to me.  

But make sure it's something you willing on gambling with since you actually had a signed lease already.

So now you're really just gambling......If I were you, I would stick to hubzu.com and homesearch.com for the auctions.

I vote for Winter in Co and a little skiing competition vs. gambling.

Sometimes people may work in many states and will be required to file tax returns for many states.Real Estate Real estate is a common way to create a presence within a state that will mean filing a state tax return.Lottery or Gambling winnings There are any number of people surprised to find that they owe not only the feds but a state for winning a state lottery, winning the pot at a casino in another state, traveling to a game show and winning a prize.Business Income This gets much more tricky.