Here is my philosophy: Don't gamble if you can not afford to lose.If my project does not get extend, if my working visa can't be renew to stay in the country, well give the bank the property which I already have some equity in it (buy it right thanks to my agent who helped me to negotiate it price down) & absolutely I don't die to see the down payment & closing cost down the drain.Building wealth automatically and getting paid to do it.

You simply won't have enough equity to cash out refi in one year or even 3 (unless you are buying in places like CA for super appreciation (could be a big gamble on a short to mid term play).As another mentioned, buying a fixer for cash and doing the rehab yourself (with a team) would be the better choice.

Final analysis is what your willing to gamble.

I don't like to gamble, especially with the high stakes of an apartment or house.Here's a plan you could use, it was in our last email blast: Interesting meeting last Friday (Movers and Shakers) with some new faces.

(writ of possession) Its a risky gamble!  

^^^ No question it can be profitable but it is a far greater gamble that also comes with downside - two major ones that I have in mind is exit strategy and equity harvesting.

@Bodie Coates, it depends on your gambling instincts.

Even with some tax advantage you're going to make a pretty good guaranteed return getting rid of those loans pronto, rather than gambling on $5-10k per flip.

Driving some joker around to see countless properties can be an expensive gamble if they don't actually follow through.

., gamble) property, then chances are you are going to walk away from it and lose your investment.So, focus on cash flow, cash flow, cash flow.