Austin is a bit more like gambling right now.

Seize the equity now, but is it better to get a cheaper invesment property to make a ****** $200 a month with loan paydown in a poor neighborhood, or purchase another property I can afford in an area that does not take big hits in the down turn, and appreciates well. essentially I am gambling on appreciation.I am getting paid 3k a month this year alone in appreciation, it wont always be that way.

I don't recommend buying only to sell in a few year though, that's taking a gamble.

But you are still gambling on the criminal aspect if you can't find a resource from their country.

Ive seen debates about whether to "gamble" with appreciation.  

That's one helluva gamble with absolutely no guarantees that they will call off the auction.

My wife also had the notion that investing was pretty much the same as gambling.

In both cycles, the downturn was precipitated by uncontrolled excess in the lending markets (construction lending in the late ‘80/’90’s and CDO’s/CLO’s prior to the credit crisis).

This would be a fixer up and not something I would want to gamble on for my first MHP...

Without any income coming into you weekly you are taking a gamble that this free mobile home will be quick to repair, attractive to buyers, and lucrative enough to generate a nice payday or monthly income when rented or sold.