Small gas station/convenience store site, Contractor site- all these new houses need Plumbers, HVAC, Electricians, landscapers, Near lake- Boat/RV storage subject to zoning. 

They do, although generally at a slower rate compared to single family property and depending on location and other factors that can either cause it to appreciate faster or slower. factors such as community amenities, property maintenance and walkability to nearby convenience and attractions can cause a condo to appreciate at a faster rate. 

For a purchase price of <40k this seems like a decent gamble to me, however I wanted to solicit some feedback from anyone who's tried it, or is doing it presently. 

I am in my early twenties…little family responsibilities (yet)….relatively low net worth (compared to some of the guys in this thread lol) and I can certainly afford to take more risk …and “chase higher returns”BUT with that being said….regarding my willingness to “roll the dice”…..since we are talking gambling….I like to look at it a little differently in that I’m placing an asymmetric “bet”. 

I’d go with the short term for cash flow purposes right now now and take the gamble that rates will not increase that rapidly.

Real State is better than gambling for sure!

LVT flooring in both bathrooms, and fresh paint throughout the lower level, as well as convenient in-unit washer and dryer.

I agree with Brian that Checkbook IRA would make more sense long term and it is more flexible, cost effective and convenient option. 

I am guessing you mean foreclosure auction but many properties go to auction just as a convenient way to sell.

Seems like a convenient tool for variety of purposes, both rehabs and buy and holds purchased at a discount.