In my head, if we were to profit $40k after our rehab costs I would be thrilled!

well most on BP will tell you speculation is gambling blah blah blah.there are not many properties bought for rentals in Lake O given the price points.right when I say that the house 2 doors down from me just sold for mid 400s and they rented it.. rents cant be more than maybe 2500.00 now maybe its a family member or something. you can find older properties in the lake grove area of Lake O.. but generally speaking this is all owner occ stuff and very little MF duplex etc.appreciation of course has been spectacular last 6 or 7 years.. but its leveled off now.. as for solid property to own   for that's the case .. 

Contractors can be fickle people, but sometimes you're forced to take a bit of a gamble

Note back to #3, always have exit strategies to handle a variety of situations as they arise.I always like to keep the mindset that the money is made when you buy the property so always track your numbers closely to ensure it pens out when you buy, not a few years down the road based on a gamble.

I would refrain on saying  “to gamble” or something like that.

It also seems like a huge risk and gamble to invest in a property without doing an inspection, but it may pay off big.

At best they'd say, "that's not investing, that's gambling."

It is a gamble but adjust your price and it can be a winner.

I think sometimes people get hung up on "I wouldn't live there" but they forget that another person may be thrilled to live in that property.

I realize most of the time houses in San Diego are going to appreciate but I'd rather not gamble on that.