If you buy the property with tenants already living there, you are gambling as to whether or not they are good tenants.

I've been surprised way too many times with major things wrong....unless the house was an absolute steal and then it might be worth the gamble.

but that's what it is, everyone is beaten to death on the cash flow is everything and appreciation is gambling.. so they really do it to themselves.. and have no one to blame but themselves..  

Your gamble (and your ever-trusting Dad's) paid off.  

Still, that is just gambling with the law. 

You can definitely find a deal during an auction but it's a huge gamble since you don't know what the condition of the property is.

Hi Scott - thank you for your response... it kills me to admit this publicly, but i had/have a gambling problem.

Not sure i'd want to gamble that the junior thinks there is value sufficient to initiate foreclosure.

Craig: I had the naive impression that the court system would hold the banks accountable on the fraudulent transfer instruments on my mortgage with know robo signers and known foreclosure mill law firm documents. 

There have also been a lot of cranes in the air in Miami recently, with overbuilding likely....being that occupancy is probably 2-3 years out, it’s a definite gamble on the market, and the influx of South American money which saved the condo market after 2008 is no longer strong.