My wife and I have a small buy and hold portfolio in Memphis, and we would much rather hold on to a good tenant than raise rent and gamble on a tenant leaving, i.e. avoid the tenant search, lost rent and turnover costs associated with a changeover in tenants.

Playing the appreciation game is a huge gamble, with a lot of unforeseen future moves with rates and segmented markets. 

When you invest for appreciation, it is more like gambling, because there are so many factors.  

https://www.wlky.com/article/online-sports-betting-kentucky-...
This should help bring more tax revenue into Kentucky and less money going out driving across to Indiana to place bets. Hate the brain drain of it all, ...

You would want to speak with your real estate attorney to make sure nothing was done by the seller fraudulently there.

With each passing year, I become more conservative and love investing for stable cash flow rather than gambling on appreciation.

You'd be gambling that you found every billable issue because you know that you'll never see that money again once it walks out of the door. 

If they don't, they are behind the curve and you are gambling that when they do get caught up that it might not be in your favor.Good luck!

So, that sounds like a huge pain, though it's probably pretty straightforward and only a handful of documents, but man it makes me feel like just taking a gamble!

Not to mention that anticipating appreciation in the model is basically educated gambling.