@Tyler Gamble welcome to BP. 

Well to me that is speculating AKA GAMBLING,HOPING,WISHING now that may work for some, but Im an Investor....WHAT I HEAR AND WHAT I READ IS.....CASH FLOW, CASH FLOW, CASH FLOW IS KING!!!!!!!!!  

The pros and cons honestly vary the biggest consistent pro is the fact that you have potential to get a cheap investment property the consistent con is these properties are generally site unseen so you do not have any clue what you just purchased.Then you have the variables like does the county your purchasing the foreclosure in provide clean title, do they expect you to pay delinquent debts on the property, location of property, rent rate in that area, etc.At the end of the day purchasing at an auction is a great risk if you have capital to gamble otherwise stick with foreclosure

No risk would be keeping the money in your pocket and walking away because gambling is a pretty bad idea in the first place (I work in casinos, so don't tell my boss I said that). 

Maybe Seattle will appreciate more, maybe it'll slow down or even go backwards for awhile, but if you're not cash flowing in the meantime it sounds like that's a gamble that's more trouble than it's likely worth.

Or is it really just take my best guess and gamble with the outcome in such a transient area?

Are people just willing to gamble that the first trust Lender will allow their lien to be extinguished?

Don't gamble and hope the house will be worth more when you want to dump it, and even worse, if something happens and you find yourself having to dump it sooner than you thought you would, you've turned yourself in the motivated seller.

Staging is a gamble, but one that normally pays off if the home is priced correctly. 

dont gamble with your parents retirement. side note if you do this on your own you will be a better investor than if you were handed the money and you will feel more accomplished, good luck.