It's all a risk, just like gambling.

How much is it worth to you to gamble on that happening? 

I have a hard time believing that any new investors are getting positive cash flow there - if you plan to buy and ride appreciation you're not investing, you're gambling.

This is not a big deal to deal with, but letting it slide is a gamble.

If i didn't have the prior inspection reports and the limited pictures they had available, it would be a major gamble even to come up with an offer price to begin with.

When I left my corporate job, a colleague who was wiser than me at work told me that real estate is extremely risky and I am just gambling.

In my opinion it's gambling and not investing.If you buy it and build on it or do something with it, then that's a different story.

If you are asking that question, either you aren't ready yet to start this type of endeavor or, you (or me admittedly) are missing something with your question.You can buy REO property from the bank with piggy bank money, drug money, gambling proceeds, mattress money, draw against your equity line, money found on the street that fell off the back of an armored truck, inheritance, gift from grandma, loan from uncle Billy or, from hard money. 

It’s a gamble but has paid off for me so far!

Basically I have limited info on the data and projections and cant truly nail down income until i list the property, which really feels like a gamble vs an investment.