If to speculate just on appreciation, then you have to ask if you are even investing or just gambling?

I remain convinced that there are worse ways to make a buck in real estate, far more offensive to God, than by giving superstitious people a little thrill.

I'd be thrilled to make $10k after all costs, and have had the experience of getting my first deal finished. 

I don't condone an investor exploiting a needy contractor and at the same time , I don't encourage contractors exploiting 70 yr old or some innocent  home owner who thinks he has to pay 66% before job starts .Maryland laws seem to be much better , so that's definitely a relief , Just like how you don't want to depend on " government/laws" to recoup your money , the home owner also will not be thrilled to approach or use one of the so called stringent laws you mentioned .

She wasn’t exactly thrilled at the idea (naturally).

Vijayakumar Subramanian auctions are a tricky one, it really is a gamble.

Isnt this a safe way of gambling.

I’ve never been one to gamble nor am I going to start with rental properties.

Ken,That is a good idea as long as we can verify the info you are providing with a government official.Joe GoreJoe,Just for the record, I find that as insulting as you intended it to be and I suppose that gives you a cheap thrill so have at it.

Yes Washington,New York,and California for example are all overinflated markets.Many investors purchase there on the on an appreciation gamble than the CAP rate.I have many investors buying down here because they can leverage their cash for so much more greater returns than where they live.In some areas that I mentioned acquiring the land is the real goal and the CAP rate is an afterthought.Here in Atlanta the only 7 to 7.5 cap I am seeing is CORE assets in trophy locations.Example A class newer multifamily that a REIT or PENSION fund is buying.