It's gamble that's worth it at the price they've bought it at.

Investing is not gambling.  

Let me be real clear that this property was so unique that it would be a gamble as a flip, so it only made sense if we were going to either a) live in it or b) rent it or c) do both, live in and rent it.

Only the most desperate renters would probably agree to live there so the price of the property would have to be dirt cheap and cost you as little money as possible in the rehab to make it worth the effort.Your gambling that the surrounding area will be gentrified in the next few years and increase the property values.If this was in Southern California I would say yes absolutely but,the ATL may be a little harder to wait for unless the population booms there in the next 5 years.

I gambled, held on till 2006, and sold one for $740K, though realtors say I can get $800K or more.Good thing I wasn't that greedy.

But I figured I'd gamble on it this time and chance missing a month of rent.

If the owner is not wanting to share critical information then you are gambling. 

I have 1,000 and wondering if i should continue saving for my emergency funds or gamble and invest it.

You'd have to gamble a little bit by being out of the area but I would go for it rather than a significantly smaller return in a local area.

Most of us choose to purchase insurance for financial protection and peace of mind but there are always some who take that gamble so that they can save the money.