People in Vegas will be too busy gambling and doing other stuff to wash dishes by hand.  

I find playing the game of real estate to be so much more fulfilling than any video games, gambling, and watching sports.

As long as you are honest and upfront, most conventional lenders will not have a problem.It's only when they feel like facts were intentionally witheld, the FRAUD warnings go off and spoil the deal.There is nothing fraudulent or unethical about buying low and selling high, as long as the home legitimately appraises for the B-C transaction.Just be upfront and disclose everything BEFORE closing.

It could appreciate but I consider that gambling.

Also, and I don't mean to single you out Arlan because I'm speaking in general terms, but I'm pretty astonished at how everyone used to label investing for appreciation as gambling.

And you gamble sending them mailers.

There may come a time when you will need property management or an unexpected cost comes up and you will not have the buffer to cover it.I would agree with Daniel, and advice you especially for the first deal to not gamble on appreciation but to buy a deal that pays for itself over the long run.

I have heard of people getting sucked into drugs or gambling and destroying a successful business.

You're already making a great profit, I would gamble and take the percentage instead of the $20k.

So you are taking pretty big gamble with this.