Did you take a gamble and use someone local?

Appreciation is a gamble because it could go down.

There are numerous ways to buy property with no money down.  

Either way it's a gamble- but my thought is as long as the stock market is giving me decent return through retirement accounts, stocks, ect- why pull that money to pay off a loan with lower interest (assuming that's the case in your local market, and assuming you are getting good returns in the market).

@Bryce Wong  I wouldn't go ahead without a structural engineer's opinion.It's your gamble, your gut is saying somethings not right here, so get it checked out. 

I have heard numerous investors utilize this technique with GR8 success.  

It is all part of the risks and gambles associated with real estate investing.

While we have a relatively short track record, and are far from the most experienced people on this website, we have gained numerous lessons learned from the handful of projects we've done, and are more than happy to share. 

I've never liked gambling.  

Actually, clients I've had with large portfolio's end up using the property address or a sequential numeration for the LLC's or CO names.