That is a losing gamble in my opinion.I agree that a recession is in our future, but I don't think it will be a house buying opportunity.

@Kevin Estey , I haven't used them myself but I always hear Matthew Gilligan's (at GRA) name come up when property tax and accounting come up in NZ so he may have a speciallist on the off shore tax questions.

As an investor buying at these prices and taking a negative cash flow loss each month and praying for appreciation is not investing its gambling.  

No risk would be keeping the money in your pocket and walking away because gambling is a pretty bad idea in the first place (I work in casinos, so don't tell my boss I said that). 

If the market isn't right for selling, hold onto it and keep collecting checks until it recovers.If you buy for appreciation, it's a true gamble.

Maybe Seattle will appreciate more, maybe it'll slow down or even go backwards for awhile, but if you're not cash flowing in the meantime it sounds like that's a gamble that's more trouble than it's likely worth.

Used cars are always a gamble unless you are a good mechanic or know one. 

SoCal)  Getting into a deal with the hope of appreciation to make the deal work is basically gambling, and I don't like to gamble.  

Are people just willing to gamble that the first trust Lender will allow their lien to be extinguished?

Otherwise you're literally just gambling, not investing.