I too think planning any deal with conservative numbers is the best move--unless you NEED 12-15% CAP rate--but then we might be gambling and not investing ;-).

You might be able to at least see in the property if you cannot buy it from the owner.I love to gamble, but there are people at my local auctions that have no problem spending $5,000 to $750,000+ on homes they have never seen.

You will be hard pressed to find people willing to gamble on you without a solid track record.  

But also return on investment is better.A gamble for a newbie, but can be a way to learn the business.And go for the smaller properties.

This realtor is saying the bank may consider full ask price but if not they will settle for a complete gamble by going to auction?

I do not smoke, gamble or drink so Las Vegas was not a preferred location.

If you buy in the right area.But just buying in "Spring, TX" is a bit of a gamble ....

DON”T listen to your friends that will be so concerned for you: “don’t you think you should keep working just until" …. ”Are you crazy, you had a great job”, “why would anyone want to deal with tenants, they don’t pay, the roof will leak, the water heater will go out – I’m shocked you would take such a gamble with your family”FEED off these people, just know when you hear these things you just put the gold medal around your neck!

You don't want to gamble all your money away on your first flip and potentially lose it without an income stream. 

You may have been lucky to do the napkin approach on your first two but I certainly would not gamble the rest of my investment career on that approach, itbwont be long before you run into a large mistake.Properties with 5 or more units moves you into the "commercial" financing realm of the business and that is where the switch from comparable to income approach valuations changes.