California is not the market for cash flow, it is the market for appreciation which is speculation (gambling).

Investments are nothing more then legal gambling how much are you willing to risk before you get out of that investment how much are you trying to gain.

Is it fairly common for folks in the UK to invest in America?

If you're going to buy foreclosures at an auction there's going to be some aspect of gambling involved.

You are gambling in an arena with a hefty anti.

I do know that with this being my first rehab,it’s a gamble.

Most of them are breaking even or even losing a bit of cash.The reality is that the price per unit on a three flat, even on some of the outrageous priced ones in Wicker park UK village are still getting you units at 300k a piece.

Its a gamble but most things in homes are. 

Either  1) You have the money to be cashflow negative (including mortgage) for a hold and flip with appreciation (gamble) 2) If you had the skills, you could find fixer-uppers and flip or improve equity and hold (safer) 3) Or you could be new developments that are ready in 1-2 years and flip them which I have done quite successfully.

This is perhaps a larger gamble.