I want to focus on cash-flow and not speculate, so I’m avoiding my home market because the numbers don’t make sense (unless you want a low cap rate class D property in this California frenzy).

For instance the bankruptcy lawyer may contest the bank's right to foreclose, but I don't want to speculate about a specific situation because there are a lot of variables and unknowns.

Not a speculative multi-million dollar brownstone, but quality assets that make sense in your backyard.  

In addition, investing in CA would be a speculation play, not a cash flow one.

It's hard to speculate bug being observant of your area and planning board meetings.

I believe the company is selling education for the 3 to 4k with the promise to look at your deals ( again for another fee) and if by chance one works they will fund 100%.. there have been posters here that have been funded however if I was mass speculating and again just speculating I would say the company makes a pretty good % of their revenue selling education as the money is non refundable. although they say they will refund the money when you make a certain amount of loans with them.. we like to call this pump and dump in our industry.

This property is what started the conversation in the first place, but my friend believes in 100% down.Ultimately I guess the fourplex does have a speculation component to it, and if the market upends itself it will bite me.

Is appreciation ever "not speculative"?

Also, cash flow preferred as "appreciation is speculation" and not guaranteed.

That's what tends to happen with supply and demand.The good news is if you take off your cash flow blinders you will see that there are many different ways to make a good return in REI, and just because it isn't cash flow doesn't make it speculative.