I'm Lynn Currie, I'm from Austin, and I'm thrilled to have found BiggerPockets.My real estate history goes back a ways.

Should you buy with a negative cash flow in markets like California or Las Vegas and gamble on appreciation (in the early stages of a declining market)?

The higher your price range the more picky your buyers will be on "dated" finishes, eg if somehow blonde wood becomes all the rage, higher end buyers will want it but mid-range buyers would likely be thrilled just to get any color hardwoods over laminate.  

Lots of cash buying in the area.I have also seen some financing buys that must work out to be pure equity/appreciation gambles in that area.In the event that you DO fine a price point that works you will likely have to compete with a favored cash buyer.

The gamble is of course I pay the payment out of pocket during turn overs.

I dabbled with the idea of dropping out of college after my sophomore year but I am thrilled I didn't.

So unless you are willing to gamble with your savings, you do not save much time buying turnkey.

I like to INVEST in real estate, not GAMBLE.....

This also poses risk for short-term mortgages or ARMs.If you're going to hold rentals, my suggestion would be to set a longer-term time horizon unless you feel like gambling...

I do send them copies of all the lease agreements that I sign and my LTV is in good shape (32%) since I have many productively rented properties and also a well-paying w2 job.So that is what I'm doing lately - things were simpler when I was under the 10 limit but even though the bank has started raining on my parade I am still feeling the thrill of getting a distressed house, fixing it, and having it appraise for enough to have gotten all the cash back out and being, in theory, able to do that 500 times with a modest starting nut.I'm hoping to find my next portfolio lender who will finance out based on appraised value at 75% LTV without a balloon and keep the train rolling for one more year of acquisition.