I sit at my company job knowing that soon our entire division will be laid off to off shoring, I am waiting for the title company to contact me about closing on our first rental.

Although its not prudent investing on the west coast does offer more upside in appreciation, but that gambling.

Those will give you sleepless nights and cause bile to burble up in your mouth when you write checks.You can take some gambles when you have a deep enough portfolio to support the misses, but when you're starting out, you really need that first one to be right, even if it means biding your time and continuing to build your war chest.The worst deal I've done recently was one where I convinced myself that I could make the numbers work rather than waiting for a better deal to come along.

You are completely gambling on appreciation and rent growth.

I consider older homes a much bigger gamble, some folks do well with them.

If you are GAMBLING on APPRECIATION, you will eventually lose to the market crash that happens every cycle.

I call it gambling not investing :-).

that's the best route.. also cost of living is only cheaper basically in one area cost of real estate.. food is food insurance is insurance taxs are taxs and taxs in Cleveland are probably higher than Denver.. and in the high end of Cleveland real estate the tax's you pay for a home may mitigate the idea of its cheaperAnyway good luck with the move.. and oh nice gamble in Denver you know appreciation is gambling on this site but someone has to get it  LOL

A lot of people think Eastlake will continue to gentrify, but it's a gamble. 

Yes you still need insurance but that is your only form of protection you are gambling.