If you go with unlicensed work or owner operators it can be a lot less but you are gambling if you yourself are not very experienced.

@Harry Gamble Thanks Harry

Appreciation is a gamble and it's on paper till you sell the property.

There are the few who love the thrill of making $100,000 one month, and loosing $50,000 the next.  

If you've got a good crystal ball and don't bet wrong, you can make a lot of money on appreciation.Appreciation is not gambling over long-term and no crystal ball is needed, only the ability to study history.

between my wife and myself, we lost a pretty decent chunk in the market last year. it's unfortunate, but investing in the market is just like our twice a year trip to vegas....a gamble!

I'm thinking if you do it ...after a while the 'thrill' of the whole thing will be gone, and you'll be wishing you had that extra money each month to spend on something else.

If you are someone sitting on 1 million and you are throwing 5% of your worth at it and you lose it's not usually all that bad.If 50,000 is all you have and you gamble to cash in big or be broke if it goes bad I think that Is not a smart decision.I know investors that buy this type of stuff but it just will never, ever be for me.

I had a lot of fun and was thrilled with the turn out.

Talk about the thrill of victory and agony of defeat!