If it doesn't cash flow today, not sure what you're in it for.Banking on appreciation or lower rates is akin more to gambling than investing.

Aside from regulation, I also feel like there’s a gamble there because this market now seems to revolve largely around Chip & Jo.

They're simply unlicensed real estate brokers gambling that nobody in authority will find out that they're ripping off the public.Do all the back flips you want to try to rationalize what wholesalers do, but no matter how you slice it, defrauding people of their equity is a shameful way to make a living.

It seems there are some buyers who are gambling that rates will be lower in a year, so that when it comes time to refi, they'll be ok; I don't know but am guessing those are people using OPM and charging fees along the way.

That being said, buying for appreciation can often times be gambling basically.

Don't get me wrong; there are plenty of issues/problems/quirks that old houses have that new houses don't, and an old house can obviously have hidden problems and big repair/maintenance bills too...but, the point is: a brand new house is not a foolproof solution to repairs/maintenance (and in some cases, a brand new house can be a much bigger gamble than an older house).This is a particularly important lesson for inexperienced investors, who tend to be the most prone to "shiny object syndrome" (the tendency to let nice aesthetics distract from real, underlying issues).

Only see what it has done and that isn't saying much in the markets I gamble on.

If you want to invest in Boise and are trying to time the market in expectation of a significant correction, that is a gamble.

Mark, have you ever had any issues with off shore PM?

I'm seeing a lot of people open up offshore llc's now a days especially Texas residents as there are direct flights straight to areas like Belize city.