It's a gamble unless you're experienced and know what you're doing.

I personally did not use an assumption company to assist with the transaction, but that is an option if you encounter a lender who is not too thrilled about helping you through the process.I was able to assume a loan with a 3% rate during a time when rates where in the high 7's! 

Always run title to check for any clouds, try not to gamble on super small tracts of land like this unless confident in own title searching capabilities.

Short term "quick money" kinds of opportunities don't really appeal to me as I view it more as gambling.

All this to say, my base case is that right now rates are the lowest they've been in almost a year and it's more of a gamble to wait and see what the Fed does than to take what we have now.

You gambled your investment capital on an internet investment-promoter.

Everyone is gambling, and I keep advising my clients to please not compete with that level of moronic. 

Quote from @Ashley Gamble: We recently bought a property that we have found out within the first few weeks of owning it that is has VERY SERIOUS drainage and humidity issues and lots of previous water damage that the sellers did not disclose.

No different than gambling. 

If you need a real estate guide I would be thrilled to help.