I have always been pretty frugal and think some things are a waste (gambling or designer clothes) but some things are worth the spending (travel)  I was actually in Vegas this past weekend with some friends who were gamblers.  

Fix the foundation, button up the outside and let it go to tax sale in 2 years and gamble on the overage.  

The sexy areas are a gamble on appreciation, I'd look for cash flow.I'm in Houston and can't touch anything within a 5 mile radius of my house where rent numbers work.

Buying for appreciation is not "investing", it's speculation (read: gambling).

REI is just like Poker. ..not because I think of it as gambling.  

We don't drink, smoke or gamble so that helps, lol.

This is my passion, and always has been.Stocks are a gamble.

These investors are banking that they'll make their money back through future appreciation which can be seen as speculation/gambling not investing.

That's gambling IMO.

While that is technically true we have invested money in something, I doubt that would meet most investors definition of an investment.To me an investment generates positive cash flow...that's it (I recognize that others would consider this too narrow a definition, but for me, that is what I care about.)These properties won't cash flow, they are purely an appreciation play and that is closer to gambling than investing...to me.