Good luck with your speculative project. 

I dont think you would be trading fish for fish, but rather speculation on more appreciation for more cash flow depending on what your rents are.

Some investors also forget to calculate the principal pay down of the mortgage.I also think many investors confuse investing with speculating.  

Hopefully some day, they will tear down all those factories, if that happens, the value of properties in the area could skyrocket (being that it is very close to downtown) but that is pure speculation.

I'm speculating - but they just lost a long term tenant, so I'm hoping they just don't want the landlord hassle anymore - but would still enjoy the monthly income.

And/Or, some investors are freezing their buy and hold investments form 3-4 years ago and only increasing inventory for flipping or to hold briefly, essentially speculating on market conditions I would be very interested to hear form some local investors on their strategies for this highly competitive market.

Because Denver market is so insane right now, my boyfriend and I have decided that we're going to gamble/speculate.  

The bubble isn't based on groundless speculation, but the fact that Denver is an incredibly attractive place to live for a number of reasons.  

Stop speculating and go get the facts from the borrower.

The plan of waiting for the value to go up so you can refinance and buy a few more is more like a speculation than investing, is nice when it's happening but you can not build your entire plan around that.