The gamble did not pay off.

If the executor of the estate finds out s/he will justifiably demand a refund.If you cannot comply you may experience some unpleasant litigation, as well as potential criminal charges.Are you really willing to gamble a judgement and lien against your 30-unit apartment building?

Just buying assets at .50 cents on the dollar or better... stay deleveraged..Why would you leveage personally... that defeats the purpose of what you are trying to accomplish..Ie... alot of books and people teach when starting out... to pull cash out of their personal residence...That's gambling yoru sole goal is to get personally free of debt or at a very debt to income... 30% or less or so...So, you build a business that uses leverage to create or find equity and duplicates... and then get equity out...Imagine you were back in times... and you found out you could mine for gold...You go out and find gold... and then put it on the shelf hoping one day it would be worth more... well of course it will....but, the moment you found it... is the moment of highest return...

In warm weather the smell is unbareable and the flies are uncontrollable.

It's such a gamble.

Uncontrolled pork barrel spending on top of massive bailouts and a socialist move to entitlements.

Investing in general is gambling. 

Do you think I'm gambling by bidding on the property if the risk is no comps and the value of the property coming back too low.

Or as @Chris Grenzig mentioned, you could gamble by hiring someone off Craigslist. 

Gambled a bit on the color with it being a bit of an artsy area.