But many times they dont have a search or survey and you may have to gamble a little by paying for a search up front only to find a bunch of leins.

But I am in NY so 500-1000 dollars is really not going to earnestly buy me anything, except maybe being laughed at by a banker5000 could maybe be a consideration on a low to mid property but I don't want to gamble that my first deal will be perfect...

I don't have enough money to speculate (gamble) with real estate.

However, I hate the thought of putting my neck on the line for what is essentially gambling, without getting that nice monthly inflow that makes it all worth it.So, I am thinking of investing in a town about 2 hours away.

@Terrence Evans  GSU is likely to get Turner Field, but you'd be gambling to buy in Summerill and Peoplestown in hopes of a turn around.  

Guys banking on 10, 15, 20% appreciation in markets where housing is already pricey is quite a gamble.

I've heard alot of investors say they would never own a property that could flood however I know that some people are willing to take the gamble.

Maybe previous owner spent all the rent revenue on gambling and couldn't pay the mortgage.

the only gamble with this approach is the timeline for the final sale.

You are proceeding with buying a property before evaluating it, this is called gambling.