There is no way to know if the next 20+ years are going to be anything like the last 20, or where etc. it is very risky to gamble solely on appreciation, but as long as you are never forced to sell it could be very worthwhile. 

Is the gamble of little cash flow worth the potential opportunity in appreciation, tax benefits, loan pay down and potential refinance in later years?

People here have convinced themselves that the lower risk assets are gambling, and the higher risk assets are safer.

Neither plays blackjack, so I think we are pretty safe there, I would probably be more likely to gamble with money in my account then either of my lenders :-).

The LP yield is not guaranteed so it's definitely a gamble if you aren't doing your proper due diligence on not just the GP but the project pro forma itself.

Yes - appreciation can outpace the expenses but at that point you're gambling if the property doesn't cash flow.

So the question comes down to if they did file, or are they just bluffing.If it where me, I could gamble and file a UD.

From my perspective, the more strategically aligned and structured the broker / agent is with trades, real estate attorney, inspector, lenders, wholesalers, offshore virtual assistants and alike the easier and smoother the process is.  

It's mostly gambling but that's the Vegas way ;) If you have an excess of capital and need to stick it somewhere then Vegas is probably a good place for that. 

That is a lot of gambling imo