It could appreciate but I consider that gambling.

Also, and I don't mean to single you out Arlan because I'm speaking in general terms, but I'm pretty astonished at how everyone used to label investing for appreciation as gambling.

And you gamble sending them mailers.

There may come a time when you will need property management or an unexpected cost comes up and you will not have the buffer to cover it.I would agree with Daniel, and advice you especially for the first deal to not gamble on appreciation but to buy a deal that pays for itself over the long run.

I have heard of people getting sucked into drugs or gambling and destroying a successful business.

My new tenants are big into kiteboarding and I am trying my best not to get into another expensive sport....its a hard life out here :) 

You're already making a great profit, I would gamble and take the percentage instead of the $20k.

So you are taking pretty big gamble with this.

So you choose to gamble on losing $2k by "chancing it" as opposed to spending $200 times 10 homes or so?

Some good advice and suggestions above.Keep in mind that lots of people PAY for tickets to events like sports and concerts and theater, and don't go even though they paid.